If you get a competitive offer for your vehicle trade-in in Parma, you might be excited by the prospect of how much it’s worth! You can use your trade-in to upgrade to something better, but what if you still owe money on your vehicle? Can you trade it in? Yes! While it’s less straightforward than trading a vehicle that’s fully paid for, you still have options. Learn more about how to trade in a car that is not paid off with Spitzer Buick GMC Parma below!
Determining how to trade in a car that is not paid off depends on whether you have positive or negative equity.
You can value your trade online to estimate how much it’s worth. Then, compare it to your remaining loan balance. You have positive equity if your loan balance is lower than your trade-in estimate. You have negative equity if your loan balance exceeds your trade-in estimate.
Trading in a car with positive equity is the best situation for Brooklyn and Brook Park drivers to be in. The loan will get paid off when you trade it in, and you’ll even have some extra money to put down on your next vehicle!
There’s more to consider when making a vehicle trade-in in Parma with negative equity. Learn more about your options in the next section.
If you have negative equity, you’re not alone. If possible, Independence drivers in this situation should wait until they’re caught up on car payments to trade in their vehicle, but that’s not always an option. In that case, consider the following solutions.
Whether you have positive or negative equity, Spitzer Buick GMC Parma can help you take the best step forward with your trade-in. Visit our finance center to discuss your options with a friendly professional! We’re here to help with every situation, whether trading in a car you still owe on or getting financing with bad credit.