Can i trade my car in for another if i still owe 7 grand on it and if so how would i go about it, or how do teh dealers run it.
2007-01-23 23:13:05 · 11 answers · asked by S H 1 in Cars & Transportation ➔ Buying & Selling
You will need to settle your balance on it first.
Many people buying a second hand car over £5000 will do a HPI check, and not bother buying your car.
Check what your agreement with the company is, and if you want you can get a loan to pay it off, and buy a new car..
... Next time consider your credit options before purchasing a car, as a personal loan would of been better as you are considering selling it already.
2007-01-23 23:16:18 · answer #1 · answered by ஐ♥PinkBoo - TTC #1♥ஐ 5 · 1⤊ 1⤋
YES. The (ethical) dealer will pay off the loan and add the balance of the difference between what you owe and the trade in value to a new loan.
It will be a lot, as they will only offer you about half of what it is ACTUALLY worth if you're lucky.
An UNETHICAL dealer will "forget" to pay off your old car loan, then you will be making TWO payments.
2007-01-23 23:53:46 · answer #2 · answered by Trump 2020 7 · 0⤊ 1⤋
Yes, you can trade in your car for another if you still owe on it. However, speaking from experience...The dealer claimed to pay it off for me and come to find out, I had a negative equaty. Read the fine print. Take someone in with you if you're unsure. By all means, be sure this is the one car you want.
2007-01-24 00:20:54 · answer #3 · answered by Jerry S 2 · 0⤊ 1⤋
Yes you can do that the dealer will sort the finance out so they pay the old car off then you get one big loan for the new car off them.
If you have got good credit I would seriously consider getting a really good bank loan instead of car finance, pay the out outstanding your self then pay for the new one with the rest of it.
Im sure you will find a loan with lower interest and under no circumstances take the loan/payment protection you dont need it, it is just a con good luck x
2007-01-23 23:18:56 · answer #4 · answered by Anonymous · 1⤊ 1⤋
If your buying a new car from a dealer he will give you the trade-in price for your old car. If it's not enough to clear your debt then you can either pay the rest of the balance or add it to the finance along with your new car!
2007-01-23 23:21:19 · answer #5 · answered by Anonymous · 1⤊ 1⤋
yes you can mate. All that happens is the dealer gets in touch with the finance comany and sorts it all aout for you - nothing to worry about - let them have the headache and you enjoy your new car. Try and make sure you really want this one one though so you dont end up wanting another trade in and oweing even more doe!!!
2007-01-23 23:16:48 · answer #6 · answered by gixerbry 3 · 1⤊ 1⤋
If you bought it on hire purchase, then the car is not legally yours until the last payment is made. In which case you could discuss trading it in with the dealer who sold you it (as they are the owner)
If you got a bank loan for it, then it is yours from the start.
(UK)
Hope that helps.
2007-01-23 23:18:02 · answer #7 · answered by Anonymous · 1⤊ 0⤋
Yes you can i recently traded my car in with money still owing the finance i took out on the new car covered paying off my old one and the Honda garage dealt with all the paperwork i just had to sign. It's very quick and easy.
2007-01-23 23:29:07 · answer #8 · answered by Shortie545 2 · 1⤊ 1⤋
it is executed each and each of the time. that is way a lot less stressful to do in case you commerce van in to a broking service. they could then roll interior of something else of funds owed into the recent vehicle... reckoning on the priority, in case you owe plenty and your paying for a sparkling vehicle, you cant function in additional suitable than 35% of the recent automobiles value.
2016-10-16 00:57:04 · answer #9 · answered by tenuta 4 · 0⤊ 0⤋
you must settle the balance on it first.
before a company accepts a car for trade they run a check on itto see if its been stolen, been involved in any criminal activity or has finance still owed on it.
if it has in any of the above, they wont take it.
2007-01-23 23:19:27 · answer #10 · answered by graemekennedy1973 2 · 0⤊ 2⤋