When using a car for trade how would it work if I still had owed money on my car loan would I have to pay that off before I can trade my car . How does it work

Asked by Jan 05, 2017 at 11:57 PM about the 2010 Dodge Caliber SXT FWD

Question type: Car Selling & Trading In

6 Answers

29,425

I don't advise doing this, but dealers will frequently offer to roll what you owe into the new loan.

1 people found this helpful.
29,425

It's called "negative equity" and it makes you "upside down" the minute you make the deal. Again, if you have plenty of cashflow and don't mind doing this , but, make sure that you pay off the new loan to the termination date. It better be a car you really love and want. What's wrong with keeping your current car??

1 people found this helpful.
29,425

If your car is worth more than you actually owe, you'll have some equity to use towards this new vehicle. That would be the best situation. Good luck.

Thanks...I got a car I could afford payment wise . So now I want to trade for something that I really want nothing wrong but equity not more than whats owed thanks for the advice

29,425

lcporter- I understand, it's always better to get something you really want but can afford... and pay off the car , then keep it for 4 to 5 years. You'll almost always be money ahead this way. What are you planning to get???

29,425

If my answers have been helpful, please mark one of them best answer. Thanks.

Your Answer:

Caliber

Looking for a Used Caliber in your area?

CarGurus has 1,618 nationwide Caliber listings starting at $1,500.

ZIP:
Get More Money for Your Car
Be seen by 20 million shoppers. Create Your Free Listing

Dodge Caliber Experts

  • #1
    Larry Quigley
    Reputation
    1,030
  • #2
    Tom Demyan
    Reputation
    470
  • #3
    Jon Romero
    Reputation
    410
View All

Related Models For Sale

Used Ford Mustang
348 Great Deals out of 39,453 listings starting at $1,950
Used Dodge Charger
405 Great Deals out of 31,828 listings starting at $1,900
Used Dodge Challenger
218 Great Deals out of 24,498 listings starting at $6,950
Used Mitsubishi Lancer Evolution
11 Great Deals out of 409 listings starting at $12,042
Used Jeep Grand Cherokee
1,141 Great Deals out of 79,115 listings starting at $1,500
Used Subaru Impreza WRX STI
12 Great Deals out of 562 listings starting at $8,995
Used Hyundai Genesis Coupe
31 Great Deals out of 1,014 listings starting at $4,800
Used Honda Civic
496 Great Deals out of 39,961 listings starting at $1,615
Used Dodge Avenger
79 Great Deals out of 3,202 listings starting at $2,299
Used Chevrolet Camaro
285 Great Deals out of 26,671 listings starting at $2,700
Used Dodge Durango
363 Great Deals out of 25,679 listings starting at $1,200
Used Chevrolet Corvette
84 Great Deals out of 14,534 listings starting at $3,900

Used Cars For Sale

2012 Dodge Caliber SXT FWD For Sale
72 listings starting at $4,194
2010 Dodge Caliber SXT FWD For Sale
3 Great Deals out of 145 listings starting at $2,800
2009 Dodge Caliber SXT FWD For Sale
152 listings starting at $2,600
2008 Dodge Caliber SXT FWD For Sale
3 Great Deals out of 155 listings starting at $1,700

Content submitted by Users is not endorsed by CarGurus, does not express the opinions of CarGurus, and should not be considered reviewed, screened, or approved by CarGurus. Please refer to CarGurus Terms of Use.