First, trading in
a vehicle that isn’t paid off won’t make your loan disappear. Rather, the dealership you choose will pay off what’s left
of your loan for you as part of the trade-in process.
If you’re currently upside down on your loan
, be prepared for higher monthly payments on your new
car loan. However, if you have equity
on your current car, it will be applied to your new loan. This can be really helpful when shopping for a new vehicle!
Since you’re updating your family car, you should be shopping for new insurance, too. The Jerry
app makes it easy! Jerry will collect insurance quotes for you at no cost, so you can compare prices and policies without the hassle. Once you find one you like, Jerry can sign you up and cancel your old policy for free!