As a Indianapolis driver, trading in a vehicle can be a straightforward process if the car is fully paid off. However, understanding how to trade in a car that is not paid off can be a bit more complex. The finance team at Lafayette GMC is here to walk you through the process of how to trade in a car you still owe on. Keep reading to learn more about the steps involved in trading in a vehicle with an outstanding loan.
To begin, you need to understand your vehicle’s equity, which is crucial in figuring out how to trade in a car that is not paid off. Here’s what you need to consider:
To determine your equity, start by checking the remaining balance on your loan. Next, use tools likeKelley Blue Book® to find your car’s current value. Comparing this value with trade-in offers will give you a clear picture. Positive equity simplifies the trade-in process since you have extra funds to use toward your next vehicle. Negative equity, however, requires more strategic planning.
If you have positive equity, trading in your car is relatively easy. The extra value from your current vehicle can serve as a down payment for your next car. This scenario is ideal and simplifies how to trade in a car you still owe on.
Wondering how to trade in a car you still owe on if you have negative equity? Delphi drivers have a couple of options:
Whichever option you choose, it’s important to read the contract carefully before finalizing a new car loan.
Ready to learn how to trade in a car that is not paid off? Gather all necessary documents, including your loan payoff information, vehicle title, and registration. Visit Lafayette GMC to discuss your options with our finance experts.
While you’re here, ask about our exclusive lifetime warranty on new vehicles, providing peace of mind for as long as you own your car. We also offer a limited warranty on our used vehicles, ensuring reliability and value while driving in the Frankfort area. Contact us today to learn more about how to trade in a car you still owe on and find the best solution for your needs. We are committed to making the trade-in process as smooth and hassle-free as possible. Visit us in Lafayette today!
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