Ready to upgrade your vehicle to a brand-new BMW? This process is very simple and straight-forward if you’ve settled your car loan, but it may be a bit more complicated if you still have a loan balance. Learn how to trade in a car that’s not paid off in this guide from BMW of Gwinnett Place. You can also connect with our finance team with any questions you have!
The most important factor in determining how to trade in a car you still owe on is whether you have positive or negative equity on your vehicle.
How do you calculate equity? First and foremost, you will want to know your loan balance. From there, value your trade to get an estimate on how much your car is worth. You can also bring your vehicle to dealerships in the Lawrenceville area to receive firm trade-in offers. If the estimate or offer is less than what you owe on your loan, then you have negative equity, whereas you have positive equity if the estimate or offer is more than your loan balance.
It is ideal to trade in your car when you have positive equity, as you won’t owe anything on a loan and will likely have some money left over to go toward your next purchase. However, with negative equity, you will want to weigh your options to determine what works best for you.
Do you still have questions on how to trade in a car that is not paid off? Reach out to BMW of Gwinnett Place for more information.
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