Whether you’re looking to upgrade your adventures around Guymon, OK or you’re looking for loan payments that are more manageable, you may be wondering about how to trade in a car that is not paid off. While the trade-in process for a vehicle you own is relatively straightforward, there are a few more steps for how to trade in a car you still owe on. Learn more about your trade-in options with the finance team at Duncan Chevrolet Co., Inc..
The first step for learning how to trade in a car that is not paid off is by understanding whether you have negative or positive equity:
Determining which equity type you have comes from knowing how much you still owe on your current vehicle, how much your vehicle is worth according to Kelley Blue Book® values, and seeing how much you are getting from trade-in offers. If the amount you’re offered is less than what you owe, this is negative equity. The opposite is true for positive equity, which is when your offer is more than what you owe.
Positive equity puts you in the most ideal position when you want to trade in your current vehicle around Amarillo. This means that you won’t owe any additional money towards the vehicle, and you may be able to have extra for your next car!
Although, if you’re left with negative equity, you should consider the options for how to trade in a car you still owe on below and choose the one that works best for your financial situation.
You’re not out of options around Dalhart when you need to trade in your vehicle. Here are several options for you to choose from:
Whichever option you choose, be sure to always read the terms of your contract carefully before signing a new loan.
Now that you know how to trade in your car around Stratford, start the process with Duncan Chevrolet Co., Inc. and value your trade today. If you have any questions about your financing options, don’t hesitate to contact us.
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