There often comes a time in your life when you want a new car. The desire is sometimes merely the result of wanting something fresh and new, and sometimes you just can’t rely on your current car. This is a very normal urge, and it sometimes comes attached with a very normal concern. What do you do if the vehicle you have is worth less than what you still owe on it?
Well, here is your answer: when possible, the money you still owe on your trade (above it’s trade-in value) is worked into the payments on your new car. Other times, a larger down payment will make up some or all of the difference. There are times when the amount owed is so large that there is no way to compensate for the difference.
How do you find out? The first step is to contact your lender and find out the “payoff” on your trade. This simply means how much it would cost to pay your car off in full. It is NOT the same as the total of your remaining payments, because you will be saving finance charges. The next step is to bring your trade to us and let our professional vehicle appraiser look at it and determine what it is worth. At this point, we’ll have enough information to tell you pretty quickly whether or not we can help you with your financial burden.
Just call us at 757-282-5616 to set a time to bring your trade in and we’ll answer your questions in a timely manner. We hope to see you soon!
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