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Plenty of Waterbury drivers know that it’s easy to trade in a car at Honda of Watertown. But what if you haven’t paid off your car but you still need to trade it for another vehicle? The process to trade in a car that’s not paid off is a bit more complicated than trading in a car that’s been paid off, but it’s not impossible. The finance team at Honda of Watertown is here to help you learn how to trade in a car that’s not paid off.
If you want to trade in a car that’s not paid off, the first thing you need to determine is whether your car has positive or negative equity:
You can get an idea of if you have positive or negative equity with the help of our Value Your Trade-In tool. Just enter some information and you’ll get an estimate of your vehicle’s value. Or, if you want an exact number, contact Honda of Watertown and make an appointment for a free car appraisal.
Once you have at least an estimate of your car’s value, compare the number to what you still owe on your auto loan. If the estimate or appraisal is less than the amount you owe, you have negative equity. If the estimate is more than the amount you owe, you have positive equity, which makes it easier to trade in your vehicle. You will be able to trade in your current Southbury ride without owing any amount. You can put the difference toward you new vehicle or take it as cash.
When you have negative equity in Torrington, you have several options to trade in a car that’s not paid off:
With any of these options, make sure you carefully read the contracts.
At Honda of Watertown, we would love to work with you to help you get a great trade-in value for your vehicle. If you’re looking to trade in a car that’s not paid off so you can find a less expensive vehicle, look for an excellent deal in our used vehicle inventory.
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