HomeCan you trade in a car you are currently financing?
Wiki User
2015-07-15 20:46:23
2015-07-15 20:46:23
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.
Related Questions
Yes. It is referred to as "upside down" financing.
car financing is basically when u get 10lac car at 2 lacs thry financial institutions
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.
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.
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.
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