If your are ready for a new car, it is possible to trade in your existing car — even if it still has a loan. The dealership will pay off the car loan when you trade in your car for a new one. The biggest roadblock will be if your current car is worth less as a trade in than the loan balance. This is called being "upside down" in your current car.
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If you are still making payments on a car, your lender has a lien on the vehicle’s title. This means that if you were to stop making payments, the lender has a right to take the car.Trading in a car with a lien on the title is possible, but that lien has to be removed before the vehicle can legally be sold to the dealership.
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It is possible, in many cases, to trade in a financed car for a cheaper one, but it really all depends on your situation.. Consumers trade in cars all the time on which they still owe money. In fact, very few people actually wait until their vehicles are paid off before purchasing their next one.
Upside-down on a Car Loan – The benefits and risks of options to help, when you find yourself upside-down on a car loan. What you can do if you are upside-down on your car loan.
Your loan term is how long you want to spend paying off your new vehicle. loan terms can start as low as 12 months, but most fall in the 36-to-72-month range. Choosing your loan term can drastically change your payment. This is probably the most important decision you have to make when financing a vehicle. So, play around with our car loan.
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