What can you do if you need a new car, and you still owe money on your current vehicle?

October 25 2022 -

Do you currently have a car that no longer meets your expectations, or you have a car loan that is too expensive for your budget? Maybe you have a vehicle that you are still paying that is causing you problems because it has a lot of mechanical issues. Whatever the case, if you need to get another vehicle that will be better adapted to your needs and you are concerned about your current car loan, here are a few things you can do.

For starters, know that it is possible to buy another vehicle even if you have a current car loan. There are many different ways we can do this.

Check the value of your current vehicle

Pre-owned vehicle values have considerably increased in recent years. This is especially true in the last year. Your current vehicle may be worth more than what you owe on it simply because the value of your vehicle has increased. If you are able to pay off your loan with your current vehicle, this would be the first option.

Check if your credit has improved

If you have regularly paid your car loan and you haven't missed any payments in the last few years, you may have a better credit score as a result. A better credit score might give you better loan terms which means that you might get a lower monthly payment on your next vehicle. If your credit has improved, or you are not sure, give us a call and let's see the available financing plans that we may have for you on another vehicle. Even if you still have to pay your current vehicle, you might get better interest rate terms which means a lower payment or an equal payment.

There are multiple options that might be at your disposal if your current car or car loan is not working for you. Give us a call today to learn more.

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