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Does your current vehicle no longer suit you? You may be thinking about trading it in around Manchester. What happens if there is still an outstanding balance on your car loan? You may be wondering how to trade in a car you still owe on. The finance experts at Tulley BMW of Nashua are here to help. In the guide below, our team discusses how to trade in a car that is not paid off so you can decide whether this option is right for you.
Before you learn how to trade in a car that’s not paid off, you will have to first need to find out if you have positive or negative equity:
Try using our trade-in tool to see how much your car is worth. If the value of the vehicle is less than the balance left on the loan, then it is negative equity. If the value is more than what is left on the loan, it is considered positive equity.
If you have positive equity, the trade in process should still be fairly simple. You will trade in the car without owing anything, and the amount leftover can be put toward your next car from us.
If you have negative equity, you do still have a few options to consider.
Now that you know how to trade in a car that’s not paid off, you can begin the process today at Tulley BMW of Nashua. We would be more than happy to help drivers from Lowell, MA and Westford find a vehicle that better meets their needs for an affordable price. Contact us for more information.
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