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When upside down in a car loan how much more do you pay on a trade in?

If you are upside down with your car loan, meaning you owe more on it than what it is worth, you will need to pay the deficiency. That means if you owe $11,000 on your car and it is worth $9,500, then you will need to come up with $1,500 to erase the deficiency.Keep in mind that this may only be the first step. You may also need to come up with a down payment on top of paying the loan deficiency. If you do not put money down and are still approved for a car loan, then you will find yourself upside down with your new car.


You like a car and still have finance on your old one so can you trade it in for the car you like and move the finance onto the new car?

Yes you can. However how much you owe and what your current car is worth comes into play. IE if you owe 12000 but the car is only worth 10,000 you will need to finance this extra amount on your new car. Some finance companies will not allow this, so you may need to pay the difference if there is one.


What is the trade-in allowance for your car?

The trade-in allowance for my car is the amount of money the dealer is willing to deduct from the price of a new car in exchange for my old car.


How does trading in your car affect your credit score?

Trading in your car can affect your credit score in a few ways. When you trade in your car, the dealership will typically pay off the remaining balance of your loan. If you owe more than the car is worth, this could negatively impact your credit score. Additionally, taking on a new loan for a different car could also impact your credit score depending on factors like the loan amount and your payment history.


Do I need a down payment if I trade in my car?

Yes, you may still need a down payment when trading in your car, depending on the value of your trade-in and the cost of the new car you are purchasing.

Related Questions

Can you trade in a car is worth more then the car that for sale?

i THINK so if the other trader realy wants the other car in trade


Is Fiat atype of smart car?

The "Smart Car" is a trade mark of Mercedes. Fiat makes a car that is about the same size but it can not be called a "Smart".


If your car is worth more than the trade in value what happens if you trade in?

You will get what they offer. You are always better off to sell your car at below retail and buy a car without a trade. The dealer will rarely give you more than wholesale for your trade in. Sell your car, and then go buy yourself a car. You have much more leverage when buying without a trade.


If you own your car can you work out a trade with the dealer and have no payment?

Yes, of course. But the dealer will only do a trade this way if your car is worth much more than the car he is selling to you.


Can you trade your car in if you've only had it for a year?

Sure you can, but you will likely find you owe more than it's worth as a trade in.


Can you trade in a car worth more than the one you are buying?

absolutely, if the dealer is willing to do it. It is two separate transactions, you selling the dealer your car and you buying the dealers car. Whether your tade is worth more or less the the purchased car means nothing to the dealer. they are making a sale and intend to do it again with your trade, just for more money.


Can you trade a new car for another new car?

you can but its not always wise because you could end up buying the new car for more than what it is actually worth.


Where can you trade in your new car for a used car?

Sure, but you will not get near what the new car is worth.


Can you trade a motorhome for a new car?

Sure you can. You are probably not going to get near what it is worth but almost any car dealer will trade.


What type of car is the kiwibank car on the adds?

smart probably smart fortwo. See wikipedia for more info on smart make of cars.


What 2013 models get great gas mileage?

There's always a smart car. Smart car's are very fuel efficient and have a very unqiue style, but some could interpret the style as more of a handicap andthere is quite a sizable waitlist to actually get a car, but I think it's worth it.


Using A Trade-In?

Using your old car as a trade-in is a great way to save money on a new car. Many people think that their car would only be worth five hundred dollars on the market -- selling it to another person -- so they do not think it is worth any more as a trade-in. The truth is that you can get much more, sometimes as much as two or three thousand dollars. This is because the car dealership will want your business so badly. They will be willing to take a loss of a few hundred dollars it get you to buy.