Ive financed a car for 72 months i took out a loan for almost 32000 but i cant afford it anymore. Consumers trade in cars all the time on which they still owe money.
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I realized it was a mistake because now i need to move out of my house and cant pay rent and my car payments.
How soon can i trade in a financed car. I am financing a car that i got the end of june and havent made the first payment yetits due in a couple of days. Look up the current trade in value of your car on a pricing guide. How long you should wait to trade in your vehicle ultimately depends on your current loan.
You can trade in your old car even if youre still making payments. When you trade in a vehicle that still has a loan on it youre still responsible for paying off the balance. There are many reasons why you might want to sell your car but what happens when you still have finance owing on the vehicle.
I was intrested in trading it in already but wasent sure how soon a person can trade in a car or if you have to make some payments before hand etci financed my car for 14500 but a couple of the cars that i am intrested in are around 13000. In fact very few people actually wait until their vehicles are paid off before purchasing their next one. I wanted to know if i could change it for a cheaper car to bring my monthy payments down to about 300.
It is possible in many cases to trade in a financed car for a cheaper one but it really all depends on your situation. Theres no specific time frame you need to follow but the general rule of thumb is to wait until your car has equity before you go to trade it in. Factors that affect your trade in even if your vehicle is.
Its so common that you shouldnt even expect a dealership to bat an eyelash when you announce that you still owe money on your current car. In fact dealerships do this all the time for customers. The decision to pay it or roll the balance into a new loan should be based on factors like how much you owe what your car is worth what kind of vehicle you want to buy and the interest rate you qualify for.
You can use nerdwallets car value estimator which uses pricing data from the national automobile dealers association as well.