Are you ready to upgrade your vehicle but still paying off your existing one? Don’t worry; there are still options for you. Our Toyota financial experts at Sansone Toyota have a few tips to help.
Determine Your Trade-in Value
Before you start, we suggest getting an estimate of your trade-in value. You can get a quick estimate online or visit our dealership if you want a more accurate assessment from our team. We look at your vehicle’s current market value to determine your trade-in value and consider your vehicle’s demand, mileage, and condition.
Get Your Pay-Off Balance
Next, you’ll want to reach out to your lender to get your loan’s pay-off balance. While this will be similar to the balance on your statement, it may differ somewhat due to additional fees and charges.
Trading in with Positive Equity
If you have positive equity, meaning you owe less on your vehicle than it’s worth, great news! You can simply sell your car to our dealership or apply the equity to a new purchase.
Trading in with Negative Equity
It’s not so cut and dry if you have negative equity, meaning you owe more on your vehicle than it’s worth. While this isn’t ideal, we know that many drivers can’t choose when a new car no longer serves their needs or their budget.
Your options include:
- Paying off the remaining balance with cash
- Delaying trading in your vehicle until the balance is paid down
- Rolling your negative equity into your new loan
Trade in Your Vehicle at Our Woodbridge Toyota Dealership Today
We are proud to carry a diverse collection of pre-owned vehicles at Sansone Toyota, and we would love to make yours one of them. Visit our dealership to trade in your car today!
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