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Can I trade in my Chevy Trailblazer if I still have a loan on it?
I want to trade in my old Chevy Trailblazer for a new one. Can I do this if I still have a loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If you have positive equity (you owe less than your car is worth), just take the car to the dealer. They’ll offer you a trade-in value for the vehicle, write a check to pay off your old loan, and then get you started on a new loan.
However, if you’re
upside down
on your car loan (you still owe more than the car is worth), the trade-in will be a little more complicated. The dealership will still accept your old car, but you’ll have to deal with your negative equity to get a new loan. You will have to choose between:
- Rolling your current debt over into the new loan
- Paying the balance of your current loan with cash or by other means
If you roll the loan over, be aware that you’ll likely end up paying more in the long run due to accumulating interest. If you’re looking to save extra money while paying off your loan, use
Jerry
to save money on your car insurance by comparing quotes.View full answer
- Gregory R.
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