I purchased an Acura RL back in October 2007. I have an auto loan with Navy FCU. When would I be eligible to trade in my vehicle for another vehicle of equal or lesser value?
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{ 6 comments… read them below or add one }
You can trade in a car with a loan on, Just have the loan information available. They may pay off the loan, or wrap it into the new one, depending on what you owe and the value of the car.
Depends on how much money you want to put down when you trade in. Any amount still owed on your loan will be rolled over to the new one. BUT, a lender will only approve so much, usually 120% over the cars’ value on a loan, so be mindful of that.
u can trade it anytime.u don’t have to pay off the loan.go to the bank and seek for advices.
Just because you can doesn’t make it a smart thing to do. You probably owe more on your current vehicle than it’s worth, and rolling the negative equity into the new loan is heading down a slippery slope.
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