If you need a new ride but still owe money on your current vehicle, you might wonder how to trade in a car that you still owe on. The trade-in process is pretty straightforward when your car is free-and-clear, but it’s a little more complex if you still owe money on it. How do you trade in a car that’s not paid off? Keep reading to learn how to trade in a car you still owe on with the finance team at Show Me Auto Mall, and contact us with any questions.
The first step in learning how to trade in a car that’s not paid off, is to determine which of the two situations apply to you:
To figure out if you have positive or negative equity, you need to know how much you still owe on your car and how much your car is worth. Look at your loan statement to determine how much you owe on your vehicle, and then do some research to learn your car’s current value. You can use Kelley Blue Book® or use the Show Me Auto Mall value your trade-in tool. If the value is less than you owe, you have negative equity. You have positive equity if it’s worth more than you still owe.
If you have positive equity, you’re in the best position because the trade-in process around Harrisonville will still be more effortless. You can trade in your current ride without owing anything more and will even have some left over to put toward your next car! But if you have negative equity, you’ll have to consider your options to see what to do next.
For those Harrisonville drivers with negative equity, how do they trade in a car they still owe on? These options are available:
Regardless of your choice, we at Show Me Auto Mall recommend that you always read the contract carefully before signing.
Trading in your car and choosing a new one is easy at Show Me Auto Mall. Our no-hassle financing means you won’t feel pressured. You can apply for financing online and browse our pre-owned vehicle specials from home. Reach out to the finance team with any questions. We’re here to help!
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