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Can I trade in my car with a title loan on it?
I want to trade my car, but it has a title loan on it. Can I still trade it in with a title loan?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes, you can
trade your car in
if you have equity on it. Having equity means that you might still owe money on your title loan, but what you would get for the trade would be worth more than that. When you trade in your car, the dealer pays off the last of your loan. Any money left after paying off the loan would be put towards your new car.
If, however, you have negative equity, then you’re probably
upside down on your loan
. You can still trade in your car if you’re willing to pay off the remaining balance of your loan. In other words, if your loan is for $15,000 and you can trade your car in for $13,000, you’d be responsible for the remaining $2,000. As title loans are risky, you’ll want to speak with your lender before deciding to trade in your car. There may be special terms and conditions surrounding your loan, which can limit your options.
If you can trade in your car, make sure you have the proper
car insurance
coverage on your new car! Before adding your new car to your current policy, consider shopping around for new insurance quotes. You can do this yourself or try Jerry
. The Jerry app pulls quotes from the top 50 companies in under a minute and delivers the best deals right to your phone. The average Jerry user saves $879 a year on car insurance!
View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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