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Can I trade in my Chevy Trailblazer if I still have a loan on it?

I want to trade in my old Chevy Trailblazer for a new one. Can I do this if I still have a loan?

Eric Schad · Updated on Oct 20, 2021

Reviewed by Shannon Martin, Licensed Insurance Agent.

If you have positive equity (you owe less than your car is worth), just take the car to the dealer. They’ll offer you a trade-in value for the vehicle, write a check to pay off your old loan, and then get you started on a new loan.

However, if you’re

on your car loan (you still owe more than the car is worth), the trade-in will be a little more complicated. The dealership will still accept your old car, but you’ll have to deal with your negative equity to get a new loan.

You will have to choose between:

Rolling your current debt over into the new loan

Paying the balance of your current loan with cash or by other means

If you roll the loan over, be aware that you’ll likely end up paying more in the long run due to accumulating interest. If you’re looking to save extra money while paying off your loan, use

to save money on your car insurance by comparing quotes.

More:

How to transfer insurance to a new car

View full answer

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