Finance Questions? Ask a Financial Expert for Answers ASAP
Hi there. Generally, you will be better served selling the car yourself. A dealer has incentives that can be offered to you with or without a trade in vehicle.
Ok, but how does it work then?
Hi there. Generally, you will be better served selling the car yourself. A dealer has incentives that can be offered to you with or without a trade in vehicle. Further, look up the best offer on the car you want online BEFORE you shop. Get a bid in print from a dealer on line without the trade-in.
Also, I assume you have decent credit enough to qualify for the new car loan anyway, right? New rates are at historic lows.
Yes I do. I'm just wondering how that works. Do I take whatever I make from selling the car and pay off the loan and keep the left overs and then reapply?
Even if you do not get the top dollar in a private sell, I would probably recommend selling your car car straight out to autotrader.com or similar, and then dealing with the dealer on your new car for the maximum benefit.
Yes, pay off your old loan with revenue from the sale.
Ok and then what if I do want to trade it in due to a really good incentive or knowing someone?
What rate is your current loan at?
That is a good rate, but you will likely secure a similar rate on your new purchase.
I would still sell the car separately. It gives you more leverage and a better negotiating position.
Ok thank you for the help!
If you have difficulty breaking even on the sale, or simply cant be bothered..... then give it to the car dealer. Not before.
Ok I will definitely try to privately sell it first.
Please rate me positively if you feel well informed. Thanks for asking. JP