How to Trade In A Car That’s Not Paid Off

Excited Couple Reviewing Trade in Offer with Salesman

Upgrading your financed used vehicle to a new model in Eagan doesn’t have to be complicated, even if you’re trying to trade in a financed car. You may even be asking yourself if you can trade in a car that is not paid off yet. If you’re looking to get a more affordable price, trading in your old vehicle can be a great way to dramatically reduce the amount owed on your new car. Read the guide from the finance team below about trading in a financed car, and then contact us with any questions that you might have. 

Can I Trade in a Financed Car?

The first thing that has to be assessed before trading in a financed car is whether you have positive or negative equity, which is explained below.

  • Positive equity: Your vehicle is worth more than your current loan amount.
  • Negative equity: Your vehicle is worth less than your current loan amount.

The steps to calculate your equity are as follows:

  • Determine what you owe on your loan.
  • Use our trade-in calculator from the comfort of your Woodbury home to see its current value. 
  • Subtract the two values. 

How to Approach Trading in a Financed Car

If you have negative equity on a St. Paul vehicle, these steps will show you how to trade in a car that’s not paid off:

  • Negotiate: After you’ve found your dream vehicle, return to your preferred dealer ready to negotiate. Bring along any offers you received to get a better deal.
  • Rollover your current loan. You can work with your lender to transfer the balance of your current loan to your new one. This will allow you to pay off the old loan and the new one simultaneously, while also enjoying a new ride.
  • Pay off the difference. If you can afford it, paying off the remaining balance on your auto loan after the sale is ideal.
  • Third-party options: Explore other dealers and get trade quotes.

Enjoy The Help From Mauer Chevrolet Today

If you still need more advice on how to trade in a car that’s not paid off, then don’t hesitate to contact our team today and let us help. We also have information for you if you are wondering if you should fix your car before trading it in. We can make the car buying process easier than ever, and our team knows all of the ways to make it easy for you to save plenty of money. 


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