Trading but I'm still paying the car off, what are ways I could sell or trade the car without my credit begin hurt?

Asked by Apr 24, 2017 at 08:06 PM about the 2011 Chevrolet Camaro 1LT Coupe RWD

Question type: Car Selling & Trading In

Just want another car but I'm still paying it off, what are
some ways that I could do?

3 Answers

120,495

Sell the car privately and try to get enough money to pay off the loan. The best plan might be to keep it long enough to have positive equity in it but that will take some financial discipline which is the only true way to build credit.

1 people found this helpful.
121,385

Selling the car would be the best way to get out from under it, but as you still owe you need to find someone that will pay you some money and take over the payments or refinance it themselves. You could trade it in but that usually winds up putting you upside down in a car loan that makes it almost impossible do anything with it until it is paid off and that's not good.

1 people found this helpful.
120,495

If you are dying to get rid of it you may want to make extra payments to pay it off faster but check and see if you have any pre-payment penalties in the loan.

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