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Reply to "Can you trade in a car that still has a balance?"
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[quote=Anonymous]Yes, but your old loan needs to be paid off. If your trade-in value is more than your old loan balance, than the dealer will pay off the old loan and apply the remaining trade-in amount toward your new car purchase. If your trade-in value is less than your old loan balance, than you need to cut a check for difference or finance the difference in a new loan. This financing will be at a really high rate (like credit card rate of 25%) if the loan amount is more than the value of the new car since the loan is not fully secured. [/quote]
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