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Can you trade in a car you are currently financing?

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βˆ™ 2015-07-15 20:46:23

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Absolutely. The only issue will be how much equity you have in the car. In other words, if the car is worth $5,000 and you owe $4,000, you have $1,000 in equity. If the car is worth $5,000 and you owe $6,000, you have $1,000 in negative equity. Be sure to verify your pay-off amount before you begin to shop for a new car.

2015-07-15 20:46:23
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Related Questions

If you trade in a car that you owe money on will you have to pay the previous car loan plus your new loan?

Yes. It is referred to as "upside down" financing.


What is car financing?

car financing is basically when u get 10lac car at 2 lacs thry financial institutions


If you signed a contract to purchase a used car from a dealership and they have not told you who is financing the car after a week and didn't pay off the balance of your trade can you return the car?

If they do not know who the financing is then you havnt signed a finance agreement so in that case you should be able to return the car and get your trade back. sounds like to me they are shooping your loan to different lenders. Just make sure you didnt sign a finance agreement.


How do you trade upside down car?

I recommend you not do this! This cost a lot in extra interest on your financing!In North America this is possible as long as only the financing is upside down. If the car is or has been upside down it is very difficult.The problem is you take on the finance rate.Go to a dealer, tell the truth about what you owe. They will organize up financing that pays off your old car and buys a new car.


What is meant with car financing calculator in finances?

A car financing calculator allows you take factors like car price, down payment, trade-in, and loan or lease terms to calculate your monthly payment. They can be a very useful tool when you compare offers from different dealers to determine what is in your best financial interest.


Where can a person get tips on financing a car loan?

Car loan financing tips can be found form most dealers and banks. Generally car financing like any other financing depends largely on credit score and amount of down payment, if any.


Where can one apply for financing car loans?

There are many places where one can apply for financing car loans. One can apply for financing car loans at popular on the web sources such as Capital One and Bank Rate.


Does Chrysler offer financing on car purchases?

Chrysler does offer financing for new car purchases online. You can get more information on the financing available online at the official Chrysler website.


How long does a dealer of a used car have to find you financing you have had a car for over 45 days and the dealer keeps saying they are searching for financing?

Why don't you go find your own financing. It is not his responsibility, it is yours. You are the one buying the car.


Can your car be repossed by the car dealership if i was never approved for financing?

You were never approved for financing to buy the car thus you do not own the car and the dealer has the right to his property....so yes they can


How do i finance a car?

Find the car you want, then apply for a loan w/ financing institution..


Where is it possible to get car loan financing?

There are a number of places that offer car loan financing. Depending on an individual's credit score it can be done through a bank or through a car lot that offers buy here, pay here financing.


Can you trade your car which is worth about 4000 dollars but you currently owe 9000 dollars for a new 23000 dollar car?

The balance will be added to the price of the new car


How long does a car dealership have to pay off the financing on a trade in?

I don't know but you might want to check out the following site: http://www.consumeraffairs.com/automotive/dealers_nv.html


How can one finance their car?

There are several places to go for car financing. A few of the best of these places would be the Edmunds website, which has a car-financing calculator, the MyLocalFord website, or the car payment calculator on KBB.


What are the consumers rights when a car dealer sells the wrong car?

Not sure of what you getting at because buying and selling a car is a two way street. Did the dealer switch cars? Did they sale a trade prior to financing for the purchased car was approved? Try clarifying the question.


Can the lien againts an old car be transferred to a new car?

Yes, when you buy the new car the remaining amount owed on the old car will be refinanced in the new financing and "transferred" in this manner. It can not be transferred unless you approve, but you can not sell the old car (Trade in) unless you approve the transaction that does this.


What banks offer financing for a used car?

Various banks offer financing for a used car. Banks like RBC, CIBC, and Canada Trust are all examples of the banks. One can visit their websites for a rough quote on the price of financing the used car.


Does cheap Vauxhall astra offer financing?

Yes. Vauchall Astra does offer financing. They have offer all forms of new and used car funding as well as car financing for all their customers who wish to need it.


Can you trade a car that is only in your name in on a new car that your boyfriend will be financing for you in his own name?

Yes you can. However, if the car is really for you, the lender probably won't do it. This is what is known as a "straw deal". One person with good credit buys a car for someone who doesn't have good credit. But if you just want to help him by letting him trade in your car, no problem. Find out what car dealers don't want you to know at www.dealertricks.com


Where can one go to be approved for car financing?

One can go to be approved for car financing at a local car dealer and applying there. One of the most important things you will need is good "credit".


How would I finance my own car?

Financing your own car essentially means setting up a payment arrangement that is affordable. To find more information on car financing you can visit www.carfinance.com/


Where can you get free information about car financing?

You can get free information about car financing from either a bank or a car dealership. You might also want to check with your insurance company. If you are buying a car from a dealer, I would talk with them first.


What liabilities do you have if a dealer pays off your trade but after 30 days the financing numbers have to be re-worked and are not acceptable?

it is the dealerships responsibility to pay off in full the amount owed on the trade in. If the finance numbers are wrong from the dealerships paperworks then it is their loss and they must pay off the trade to sell the car to another buyer. After you sign the agreement to trade, your liability is over on the old car.


Can dealership back out of signed contract once approved financing and drove the car off lot?

after approved financing and signed contract, have had car 8 days, can a dealership take car back?