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Pay down car note

Started by Pamela B.
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Pamela B.

How much should I pay down my car note before I trade it in. I’m upside down right now?

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Kenyata W.

good question i'm ready to trade mine in too only had it a year

A

April B.

The answer depends on how much you still owe and will your lender pay off the rest of the balance.

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Elena B.

Since you currently owe more money than your car is worth, trading the car in is not the best option. Assuming you are financing your next car, you would have to roll over the negative equity from your current car to your new car. Doing that will drive you to be upside down in your new car. The better option would be to paying off your current car or getting the balance down so that when you trade it in there is not any negative equity.

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