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Is It A Good Idea To Trade In Your Car Before It's Paid Off?
Is It A Good Idea to Trade- in Your Car Before It's Paid Off?
If you are wondering whether you should trade in your vehicle now that you are nearing the end of your car loan, here are a few things to consider.
Own a gas guzzler? - If you own a vehicle that requires a lot of fuel, you could save a lot of money in the long-run by trading it in for something that has better gas mileage. But consider your replacement car carefully, If you pick a pricier model, you might not save money even if it has better fuel efficiency.
Did you purchase your car recently? - If you purchased a new, unused vehicle within the last year and are thinking of trading it in, it’s best to hold off. You can always trade it in or sell it later.
Do you have prepayment penalties? - A prepayment penalty is a fee for paying a loan off before the term is up. When a lender agrees to a car loan, they are counting on earning interest off you for a specific period. If you pay off a loan early, you are depriving them of this income, and they will likely have you pay a prepayment penalty if you pay off the loan early. Not all auto loans have prepayment penalties so be sure to ask your lender about this.
If you are ready to sell your car, contact us today! We make the process very simple. Simply fill out our quote request form, and we will make you an offer that the dealership won't beat. Once we receive your inquiry, we will be in touch with you as soon as we can, and we'll make you a prompt offer.
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