Can You Trade In a Car With Negative Equity?
The amount of money you owe on your car loan is called your vehicle’s equity. If you have negative equity in your car, it means you owe more on the loan than the car is currently worth. Many people are upside down on their car loans, but it can be difficult to trade in a car with negative equity. Here’s what you need to know about trading in a car with negative equity.
If you have negative equity in your car, the first thing you need to do is find out how much it’s worth. You can do this by checking Kelley Blue Book or another similar website. Once you know the value of your car, you can start negotiating with dealerships.
Some dealerships may be willing to work with you if you have negative equity in your car.
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