In some cases, sellers may find that they owe more on their vehicle than they are able to sell it for. This results in negative equity and can be a frustrating experience for some who are looking to sell their car. When this happens, sellers may find it helpful to roll the balance of what they owe into their next loan. This can be a great solution for anyone who would otherwise have difficulty paying off their original loan when selling the vehicle privately. Our post, What Happens When You Trade in a Car You are Still Financing, offers additional insight into the process of selling your financed car.
Selling a car that is still being financed is something that car buyers do every day. If you have questions about the process or want to be sure you get the best value for your trade-in, be sure to contact the experts at Autorama. As the used car dealership Toronto residents trust, you can depend on us for the best used car financing options and selection of used vehicles.