Can I Trade in My Car If I Still Owe on My Loan?

Answer

It is possible to trade in your car if you still owe money on it. It is referred to as being upside down in the loan. It normally happens the time you purchase a new car, since it decreases in value as soon as you drive it off of the lot. This situation can also occur when you trade in a motor vehicle and the loan that you still have on it, to purchase a new car.
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Ask.com Answer for: can i trade in my car if i still owe on my loan
Can I Trade in My Car If I Still Owe on My Loan?
Dealers take vehicles for trade even if a current loan exists. However, you may face difficulty when applying for a new loan if you owe more than your vehicle's value, known as being upside down. Before you decide to trade your financed vehicle to a... More »
Difficulty: Easy
Source: www.ehow.com
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