Are you looking to upgrade to something new for your Minneapolis commute but still owe money on your current vehicle? You’ve probably considered trading in your current vehicle, so you can have more money to put down towards the purchase price of your new dream ride. But, if you still owe money on your current vehicle, then you might be overwhelmed due to wondering how the process will work. The trade-in process for a vehicle you still owe money on is essentially the same process as trading in a vehicle that’s paid off with just a few more steps. Learn how to trade in a car you still owe on with the finance team at Morrie's 394 Hyundai. Then, visit our dealership to trade in your vehicle.
The first step in going about how to trade in a car you still owe on is determining whether or not you have negative or positive equity. If you’re unfamiliar with those terms, here is what they both mean:
To know whether or not you have positive or negative equity, you’ll need to know how much your current vehicle is worth. You can find out what your vehicle is going for in the Richfield area by visiting sites like Kelley Blue Book and comparing trade-in offers. You can also value your trade online at Morrie's 394 Hyundai. If you find out that your vehicle has positive equity, then you’re in an ideal position as the trade-in process is pretty straightforward.
However, if you have negative equity, then don’t fret. Trading in a vehicle with negative equity is also pretty straightforward, but there are some steps that you should consider.
Here is how to trade in a car that is not paid off with negative equity:
Now that you know how to trade in a car that is not paid off, you hopefully have a clearer vision of how to confidently navigate the process and how to get the best deal possible. For more car-buying tips and advice, reach out to the team here at Morrie's 394 Hyundai.
Contact us to learn more about how to trade in a financed car that you still owe on, so you can make the best decision possible. For any other questions and inquiries, don’t hesitate to ask anyone at our dealership.
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