Are you interested in getting a new car, but still haven’t paid off your current one? This happens all the time. But can you trade in your old car before you’ve paid it off? And if so, how can you do it? Don’t fret, we have the answers to help you understand how it’s done.
Yes, You Can
You can trade in your old car before you’ve paid it off. In fact, we help customers like this all the time. You certainly don’t need to go to the trouble of paying off your car loan and waiting for the title to come before you come shopping with us.
How to Do It
It’s simple, once you’ve traded in your car, we’ll deal with your bank or financial institution in order to pay off the loan for you. If you prefer, you can use a loan calculator when figuring out car loan to see what you need to pay, but when we deal with it for you, the result is that you usually won’t even have to bother calling your bank to inform them you’re selling your car; instead, we’ll do all the legwork. Once we take possession of the car and deal with your lending institution they will send us the Lien Release.
When you’re trading in your used car you will have a new loan on the new car. While you don’t have to continue making payments on a car you traded in, you may have rolled over some of your negative equity into the new car loan.
Never Say No Auto will work with you if you are in a negative equity situation to help you trade in your car. For instance, you might owe $2,000 on your old car but you think it’s only worth $1,200. We might be able to give you $2,000 for your trade in so you don’t have any negative equity.
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