In the past, you’ve likely sold your car on the open market or to a dealership before making an upgrade. While this process of selling or trading your car is simple when you own the car outright, it can get a bit more complicated when you’re still carrying a loan balance. So, how do you trade in a car that is not paid off? Below, the Apostolakis Honda finance team will explain how to trade in a car you still owe on, so you can upgrade your Warren travels!
First, when learning how to trade in a car that is not paid off, you’ll need to evaluate which of these two situations apply to your loan:
To figure out what type of equity you have, you’ll need to know the balance of your vehicle’s loan and its current value. You can use our trade-in value tool to get a strong estimate of your car’s worth. If your trade-in estimates are less than your loan balance, you have negative equity. If your trade offers are more than the balance of your current loan, you have positive equity.
If you have positive equity, you’re in the most ideal possible position for trading in your vehicle. This makes the process simple, as you can easily pay off your loan with the profit from your sale. On the other hand, if you have negative equity, you’ll need to carefully consider your options to discern what suits your needs. Luckily, our Apostolakis Honda finance team is here to offer the guidance you deserve.
If you’re like other Boardman drivers with negative equity, you can still learn how to trade in a car that is not paid off. Options for moving forward include:
Have lingering questions about how to trade in a car you still owe on? If so, get in touch with Apostolakis Honda today to secure the best financial guidance around. Our team is committed to helping you hit the Youngstown streets in a vehicle you can confidently afford.
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