How Does Trading in Your Car Work if You Still Owe on It?

How Does Trading in Your Car Work You still owe money on your existing car, but it’s been giving you problems. Likewise, you’re on a first-name basis with your mechanic and it seems you see him monthly. You’d like to get another vehicle but still have a car loan to pay off. How does trading in your car work when you still owe money on your existing car?

Peters Auto Mall loves to take trade-ins, even if you still owe money on your existing car. Started in 1993 by Kevin and Angie Peters, we pride ourselves on providing you with the best car-buying experience.  With the largest inventory of cars with no-haggle pricing, you’re sure to find a vehicle that fits your needs. Plus, we have many financing options available to get you behind the wheel of your dream car or truck.

Private Selling vs. Trading in Your Old Vehicle

Surely, when selling your old car, you could sell it on your own or privately. However, this involves advertising, setting up appointments with prospective buyers and meeting with them. Furthermore, you have to determine the worth of your car and may set the price too low. Alternatively, you could save yourself the hassle and security risk of meeting with strangers by trading in your old automobile.

We make it easy with several calculators designed to help you with your car-buying experience. One of our calculators calculates an estimate of your car’s worth simply by asking you to answer a few questions. Additionally, we’ll have an estimate back to you within 48 hours. What if you don’t own your vehicle outright but still have a car loan on it? Can you still use it to trade it in? Certainly, you can. We will purchase the car from you. Then, you must pay any outstanding money due on the car loan.  If there is remaining money, you can apply it to the down payment on your new car.

Of course, to get an offer, you need to bring your vehicle in. In this way, one of our inspectors can fully appraise it. Bring it in anytime, no appointment necessary! We’ll inspect your car, looking at your exterior and interior, as well as tires, transmission, and other components. Then we’ll make you an offer that’s good for 7 days. That means you can think it over without making a commitment.

Financing and Pre-Approval Process

Indeed, finding out your car’s worth is the first step. After that, you’ll need to figure out your budget or how much of a monthly payment you can afford.  We have a financing calculator that will do just that for you. Just answer a few questions such as price, term, interest rate, and down payment, and we’ll compute the monthly payments.

Next, you may want to get pre-approved for a car loan for your new automobile. Moreover, it’s easy and we don’t need your social security number. Find out the maximum amount you qualify for and then you’ll be all set to start shopping.

With cars selling fast and new vehicles added regularly, we’ll be sure to have something you’re looking for! Remember, too, we price all our cars with the Peters Auto Mall no-haggle price. The price listed is the price of the car. And if you’ve already been pre-approved and gotten an offer on your trade-in, we can take care of the paperwork.

How Does Trading in Your Car Work When You Want to Buy a Newer Car?

When you’re not happy with your current car, don’t prolong the inevitable. Stop by Peters Auto Mall. With our large inventory of quality pre-owned vehicles, pre-approval process, and financing options, we truly offer one-stop car shopping.

“How does trading in your car work,” is a question we get frequently. One of our staff will be happy to sit down with you and thoroughly explain the process to you. We pride ourselves on providing you with the best car-buying experience. And our customers agree as evidenced by our many positive reviews. So, don’t be stuck in a situation where you own your car but you’re not happy with it. Come by Peters Auto Mall and let us show you what we can do for you.