I WOULD LIKE TO TRADE IN MY CAR FOR ANOTHER CAR
Asked by Guru943DGF Sep 25, 2020 at 05:40 PM about the 2016 Hyundai Accent GL 4-Door Hatchback FWD
Question type: Car Selling & Trading In
I WOULD LIKE TO TRADE IN MY CAR FOR ANOTHER CAR. BECAUSE I AM
STILL PAYING OFF MY CAR LOAN AND I AM TRYING TO GET MY
PAYMENTS DOWN SO I DON'T HAVE TO PAY SO MUCH ON MY CAR.
3 Answers
Buy a car that is a lower price. Its the only way to lower your payments unless you can refinance your current loan at a lower interest rate.
Check the trade in value on your car. You may not end up with any money in your pocket after paying off the loan.
Trading in a vehicle that you still owe money on is not the way to lower your payments! Any money you owe will be added to the new vehicle loan thereby increasing your monthly payments. Plus you'll be paying for two vehicles, one of which you no longer have! I would suggest refinancing the vehicle to extend the payments over a longer time period. That will lower your payments. Unfortunately many people are in financial trouble because of the COVID-19 situation. Perhaps the finance company will work with you on this. But if not, I think a refinance is the way to go. Good luck to you! Hope that helps! Jim
