I have a car that isn't paid off yet and I'm interested in buying a used one off of this website. I was wondering how that would work out?
I have a 2011 Hyundai Tucson now
with about $21,000 left that I'm still
paying and the car I was looking at
the seller wants $8000 for it
it depends on a few different factors, how much do you still owe on your car, and how much is your car worth,lest say you owe 18,000 and your car is worth only 14,000, the dealer will try to put the 4,000 dls on top of your new loan,if your car is worth more than what you owe then you have equity on your car and those 4,000 dls will go towards your down payment for your new car.
You owe 21 grand on a 4-year-old Hyundai?! the vehicle is not worth that much- this is known as "upside down"- you are stuck- next time, think carefully before you sign the dotted line-
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