Sometimes you don’t want to wait until your financing plan is finished before you look for your next drive. You may be able to make a Hyundai trade-in without waiting for the end of your loan term. It all depends on how much you still owe and the next steps you’re planning. Learn more with Anaheim Hyundai.
What’s Your Equity?
To begin, you’ll need to calculate how much equity you have in your car. Compare the remaining balance on your loan against the trade-in value of your car. As long as the trade-in value is more than the remaining balance on your loan, you can apply the remaining difference to your next financing plan. If it’s less than your balance, then you’re “underwater” on your loan, owing more than the car is currently worth.
What Do I Do If I’m Underwater on My Loan?
You still may have options even if you have negative equity and are underwater or “upside-down”. You can potentially roll over the negative balance into your new financing plan. With this option, you’ll be making monthly payments on both your new car’s loan and the remaining balance on your existing car.
What If I Have Positive Equity?
If you have a positive number after you subtract your remaining balance from your trade-in’s value, you’re in a great situation to find your next car. Once you trade in your current drive, we’ll take care of things like transferring the title and submitting the paperwork. All you need to do is pick out your next ride at our dealership.
Explore Hyundai Trade-In Options in Anaheim, CA
Get a head start on your next favorite commuting companion. Bring your car to our Anaheim, CA, Hyundai dealership and find out how much you can save on your next drive. Apply for Hyundai financing, submit your paperwork, and take a test drive today!
