How to Trade in a Car That’s Not Paid Off
Is your vehicle just not fuel-efficient enough for your Nashville commute? Or, maybe you want something that’s more spacious to tackle the Lebanon carpool? Whatever your needs are, you can expect to find a new or pre-owned vehicle in our inventory to suit your needs. We have a large selection for you to choose from and we make it easy to get into your next ride. But what if you still owe money on your vehicle and you want to trade it in? Learn how to trade in a car that’s not paid off today with Cookeville Honda!
Equity & How it Affects Your Trade-In
Before we go over how to trade in a car that’s not paid off, it’s important we touch on equity. When you finance a new vehicle and you have equity in your current vehicle, it’ll roll over to your new vehicle loan. Positive equity means you owe less than your vehicle’s value and that amount can almost act as additional money on the new loan to lower your monthly payments.
Negative equity is when you owe more than your vehicle’s value. Just keep in mind that if you have negative equity, whatever you owe left on your vehicle will be added to your new auto loan. You can apply for financing and value your trade-in online if you’d like more information.
What Does the Trade-In Process Look Like?
With the understanding that you might have equity in your vehicle, let’s take a look at what the trade-in process is like at our dealership:
- Determine your payoff amount by checking your statement or reaching out to your loan lender.
- Find your vehicle’s trade-in value and bring it to our dealership for an appraisal confirmation.
- We’ll start the trade-in process and provide you with your next best options depending on your equity situation.
- Complete the paperwork with the assistance of our team.
- All set! You can now be on your way with your new vehicle.
Trade-In Your Ride Today at Cookeville Honda!
We want to make sure that you’re confident in your decision. The experts at Cookeville Honda can walk you through all your options and provide you with your next best steps. We’ve served many customers in the Cookeville area and beyond and we look forward to assisting you. Have any questions? Please contact us for more information!
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