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How do I trade in my Subaru if I still have a loan on it?
I love my Subaru, but I want to trade up to the newest model. Can I still do this if I have a loan on my current Subaru? I have positive equity.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Trading up for the latest model of a Subaru is a popular move, especially for brand enthusiasts. So if you still have a
car loan
on it, don’t stress.When you’re ready to buy a new car, you can either trade it in at the dealership or sell it privately.
The easier choice is the trade-in, as it requires no extra effort on your part. The dealer will give you a trade-in value, deduct that from your loan balance, pay off the loan, and give you the difference. This extra money is great for a down payment or paying off other debt.
If you want to
sell the car privately
, you’ll need to do a little extra work, but you’ll get more value for the car. Follow these steps:- Find out the fair value of your car on a site like Kelley Blue Book or Edmunds
- List your car online using the values you found
- Find a buyer: be open about your outstanding loan
- Schedule a meeting with the lender and the buyer to handle the transaction
- Pay off the loan and pocket the difference
When it comes to insuring your new Subaru, use
Jerry
to find the best rates for the coverage you need. After providing you with a comprehensive cross-analysis of the best policies across providers, Jerry will help you cancel your old policy and register for a new one.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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