Trade in my car but still have a loan?

Yes you can do that, but what happens is that the payoff of the loan will be added to the payments of the new car less the trade in value of the car. And will be part of your new loan at the new loan's interest rate.

i.e. trade in value $300 owe $1000 then you still owe $700

value of new car is $2000 plus $700 payoff then you will be financing a loan for $2700

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Trade in my car but still have a loan?

I got a car a little more than a year ago. I still have a loan on it I actually think I owe more than the car is even worth. But the car has less then 100,000 miles on it and its in pretty good condition. I need to trade it in and get an SUV or something bigger its a Chevy Camaro z28 convertible-...

Yes, you can trade it in. But you will be upside down on the loan. This means the difference between the trade-in value and what you owe on the old car will be added to the new car balance. So, when you walk away from the lot you will automatically owe more than what the new car is worth.

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trade car loan

you will be upside down they will not let you trade it in if you owe more than what it is worth but if you do have it below what it is worth they will give you the difference and add the balance to your loan making you upside down

BAD IDEA

pay it down or find someone that can assume the loan

it will be hard to get someone qualified to take over the payments if you owe more than the value of the car

i would call your financial department with the loan and ask for the payout ammount which usually is a lot less then your actual balance due to tax and intrest

if they take it in trade, they will compute payoff on your old loan, and roll it into the new loan. Or you will have a new loan and make payments on both, using the new car as collateral on both loans.

car dealers are quite desperate to make deals, so go wheel and deal with a couple different ones.

good luck.

You can still trade it in. At least you know that the car is probably worth less than you owe. When you trade in your car, you will have negative equity that will transfer to your new car payments. Dealerships will say that they will pay off your car for you. Don't think they are helping you out. Yes, they will pay off your car, but incorporate your negative equity into your new car.

Most places will pay off your loan. If you owe more than they give you for the car, they just add the diffrence onto your new loan.