Ideally, when it’s time to upgrade or sell your used car for cash, you would have a zero balance and be free and clear from auto financing. However, that’s not always the case. In some cases, vehicle owners may owe more than their used car for sale is worth. Can you still trade in your used car, Jeep, SUV or truck with negative equity? While the answer is “yes,” there are a few things to consider.
What is Negative Equity
Basically, negative equity refers to the fact that you owe more than what your used truck for sale is valued. For example, if you owe $4,000, but the estimated trade-in value of your car or minivan is $2,000, this means that you have $2,000 in negative equity.
Not everyone is able to pay the remaining balance. This doesn’t mean, though, that you can’t trade in your used car for sale. But, proceed with caution and know your options. Here are more tips on trading in your car.
Options for Trading in a Used Car With Negative Equity
You do have some options when it comes to trading in a used truck with negative equity.
Don’t Trade It In
One of the best alternatives to trading in a used car or trading in a vehicle with negative equity is to NOT trade it in at a car dealership. Instead, consider the benefits of working with Don’t Trade It in. We are a nationwide, premier car-buying firm who prides itself on providing consumers with fair values for their used cars for sale. And, we can provide you with cash upfront to pay off your existing car loan.
Whether you have a used truck for sale, a used Jeep for sale or a used minivan for sale, simply log onto our website, upload photos and vehicle information on our online form and our team will promptly get back to you with a fair-value offer for your used car for sale. We get it. It’s tempting to trade in a car at a local dealership, but in the long run, you’re probably going to lose more of your hard-earned cash. Let Don’t Trade It® In indulge you with a fair value for your used car for sale that allows you to upgrade to a premium model, pay off some bills or take that vacation you’ve dreamed of taking.