You may feel as though now is the time for you to trade in your current vehicle for another, but you are worried if you can due to still owing on your car loan.
This surely is a predicament to be in, but there is an answer to your question...can you trade in a vehicle when still owing on your car loan?
Can You Trade In A Vehicle When Still Owing On Your Car Loan?
Yes, yes you can. However, there are some stipulations. It is quite simple if the amount left owing on your vehicle is less than your trade in value.
Example: If you owe $2000 left on your car loan but the value of your trade in is $4000, then the dealer pays the remainder of the loan, alleviating you of the lien.
Therefore, you can trade in a vehicle when still owing on your car loan, you just need to sign ownership of the vehicle to the dealership.
But if the trade in value quoted is less than what is left owing, a trade in is most likely not feasible.
It is always good to know the value of your trade in when thinking of getting a new vehicle and you can find out easily how much your trade in value is online or come get your quote at the dealership!
