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How do you trade in a car with an existing loan?
I still have some money left on my loan but want to sell my car. How do you trade in a car with an existing loan?
Will Baldwin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Trading in a car with a loan
is actually pretty straightforward. Follow these steps and you should be good to go:- Research the value of your vehicle. You can use sites like Kelley Blue Book or Edmunds. Doing so will help you get as fair a price when trading it in.
- Let your lender know. Most lenders won’t care if you trade in your vehicle, as the dealership will pay off the remaining loan balance, but it’s always best to keep them informed.
- Shop around. Check with various dealerships to determine what the best offer will be. Depending on how much you owe on your loan, you don’t want to end upupside downwhen you purchase your new car.
If you find you aren’t getting reasonable offers on your trade-in, or you still owe a considerable amount on your loan, consider waiting to trade in your car. Once you’ve paid down more of your loan balance, the depreciation on your car versus its
actual cash value
is likely to improve. Once you trade-in your car, consider trying the
Jerry
app to lower your car insurance. Jerry gathers personalized quotes from 50+ insurance providers, like Allstate and Nationwide to ensure you’re always getting the best rates and coverage. View full answer
- Gregory R.
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