You may feel as though now is a great time for you to trade in your current vehicle, but you are concerned because you still owe 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?
It is hard to find a good used car out there OR NEW( but we have LOTS). You may be interested in trading in your current car for a newer model and asking yourself, "Can I trade in a vehicle while still owing on your car loan?" The answer is -Yes, yes you can.
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.
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!
If you would like to explore trade in options please just reach out to me!
Phil
Newfie Sales Guy
