Interested in upgrading to a new vehicle in Marlton, but still have a loan balance on your current car? Don’t worry – you’re not stuck! It is possible to complete a trade-in on a car that is not paid off. You simply need to be aware of all potential financial scenarios. Learn more about how to trade in a car you still owe on with Honda of Turnersville. When you’re ready, visit us in Turnersville to sell us your vehicle!
When it comes to how to trade in a car that is not paid off, you will first need to determine your vehicle’s equity status. To do so, you will need to find out what your loan balance is and how much your vehicle is worth using our Value Your Trade tool. You will then find yourself in one of two equity situations:
Having positive equity on your financed vehicle is the most ideal situation you can find yourself in if you wish to trade it in. That’s because you can apply the amount you receive for the sale toward your loan, and then use the rest toward a down payment on your next vehicle. You aren’t left with any prior financial obligations and can move forward in the process without a hitch. You’ll hit the Vineland roads in a new Honda CR-V or new Honda Odyssey in no time!
The most complicated part of how to trade in a car that is not paid off arises if you find yourself with negative equity. Here are your options:
Still have questions on how to trade in a car you still owe on? Don’t hesitate to reach out to Honda of Turnersville! We are proud to serve as your source of automotive advice in the Berlin area.