If you’re thinking of trading in your car, but you still have outstanding finance, you may be wondering how to do it. It’s actually quite simple, but there are a few things you need to know to make sure you get the best deal.
In this blog post, I’ll explain everything you need to know about trading in a car with outstanding finance, including:
- How to get a settlement figure from your lender
- How to find out how much your car is worth
- How to negotiate the best trade-in price
- What to do if you’re in negative equity
Getting a Settlement Figure
The first step is to get a settlement figure from your lender. This is the amount of money you need to pay to settle your outstanding finance. You can usually get a settlement figure by contacting your lender directly or by using an online calculator.
Once you have your settlement figure, you need to find out how much your car is worth. You can do this by getting a valuation from a car dealer or by using an online valuation tool.
Finding Out How Much Your Car Is Worth
There are a number of ways to get a valuation for your car. One option is to get a valuation from a car dealer. This is the most accurate way to get a valuation, but it may not be the most convenient.
Another option is to use an online valuation tool. There are a number of different online valuation tools available, and they can be a quick and easy way to get a valuation for your car.
Negotiating the Best Trade-In Price
Once you know how much your car is worth and how much you need to pay to settle your outstanding finance, you can start negotiating the best trade-in price.
When negotiating the trade-in price, it’s important to be prepared. You should know how much your car is worth and how much you need to pay to settle your outstanding finance. You should also be prepared to walk away if you’re not happy with the offer.
What to Do If You’re in Negative Equity
If you’re in negative equity, it means that your car is worth less than the amount you owe on your finance. In this case, you’ll need to pay the difference between the value of your car and the settlement figure.
There are a few ways to pay the difference. You can either pay it in cash, roll it over into your new car loan, or sell your car privately.
Conclusion
Trading in a car with outstanding finance can be a bit daunting, but it’s not as complicated as you might think. By following the steps in this blog post, you can get the best deal and make sure you’re not out of pocket.
Additional Tips
- Get quotes from a few different dealers before you make a decision.
- Don’t be afraid to negotiate.
- If you’re in negative equity, consider selling your car privately.
- Make sure you understand all the terms of the trade-in deal before you sign anything.
I hope this blog post has been helpful. If you have any questions, please feel free to leave a comment below.