Trade-In Your Financed Car: Know Your Options
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_Check your contract_: Review your loan agreement to see if there are any restrictions on trading in your vehicle.
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_Know your equity_: Determine how much you owe on your loan compared to your car's current value.
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_Positive equity_: If you have positive equity, you can use it as a trade-in or sell your car to pay off the loan.
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_Negative equity_: If you have negative equity, you may need to pay the difference or roll it into a new loan.
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_Trade-in value_: Research your car's trade-in value to get a fair price.
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_Dealer options_: Dealers may offer to pay off your loan or work with you to find a new car.
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_Refinancing_: Consider refinancing your loan to lower your payments or interest rate.
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_Fees and charges_: Be aware of any fees associated with trading in your financed car.
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_Credit score impact_: Trading in a financed car can affect your credit score, so monitor your report.
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_Professional advice_: Consult with a financial advisor or auto expert to ensure you're making the best decision for your situation.
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