Depending on your circumstances, you may be ready for a new vehicle. The team at Hall Nissan Virginia Beach is ready to help you find a proper Nissan finance plan. You might want to trade in your current vehicle before it’s fully paid off. If you’re curious about your options, let’s explore what you can do in this situation.
Can You Trade in a Car Before It’s Paid Off?
In most circumstances, our dealership and your financial institution will allow you to trade in the vehicle before you’ve paid it off. In this case, we’ll work with you to secure new terms and determine if you have positive or negative equity for your current loan.
Positive Equity
Positive equity is when your car is worth more than the outstanding balance on your loan. This is the best-case scenario because the positive difference will be able to be applied towards the down payment of your new car. If you have positive equity, we recommend trading in your car.
Negative Equity
On the other hand, your car may be worth less than what you still owe. In this case, you have negative equity. It’s up to you if you want to trade in your car. If you choose to do so, you will have to pay the difference between the loan amount and your car’s value. You can pay it in cash or combine it with your new car loan.
Explore Nissan Finance Options at Hall Nissan Virginia Beach
Want to trade in a vehicle before it’s paid off? Contact Hall Nissan Virginia Beach today to see what Nissan finance options are available to you!