If you are looking to trade in your current car for a new MINI Cooper or for cash, we make the entire trade-in process smooth and stress-free at MINI of Warwick. Trading in a car is pretty straightforward, but what if you still have an outstanding loan on the vehicle you wish to trade? In this guide from our finance team, we’ll take a look at how to trade in a car you still owe on, so you can decide whether it’s still a good option for you.
So, how do you trade in a car that’s not paid off? The first thing you should do is take a look at whether you have positive or negative equity in the vehicle. Here’s what that means:
To calculate which type of equity you have, you’ll need to know how much you still owe on your current vehicle and how much the car is worth. You can use our convenient online Value Your Trade tool to get a quick estimate on the fair market value of your car. If the value is less than the amount you owe, then it is negative equity. If it is more than how much you still owe, then it is positive.
Having positive equity in your vehicle is the most ideal position in this situation, as the trade-in process will be easy. You will be able to trade in your current Cranston, RI-area ride without owing any amount and even have some you can use towards your next vehicle!
However, if you have negative equity, you will need to consider your options and see which one will work best for your financial situation.
If it turns out that you have negative equity, how do you trade in a car you still owe on?
You will have the choice of the following options:
Still have questions about how to trade a car that is not paid off? Contact us to discuss your options with our finance experts. We’ll do our best to ensure that you get the best deal possible. If you are planning on putting your trade-in value toward the purchase of a new MINI Cooper, explore our new vehicle specials to take advantage of our current offers.
Ready to upgrade your Providence, RI-area commute behind the wheel of an exciting MINI Cooper crossover SUV? There are six unique 2023 MINI Cooper Countryman trim levels to choose from, each offering a wide range of features and the exhilarating performance that has become a hallmark of the MINI brand. In this guide from MINI of Warwick, we’ll…
The 2023 MINI Cooper is not only stylish and fun to drive, but also comes loaded with features that will keep you connected and entertained on Cranston, RI-area roads and beyond. In this guide from MINI of Warwick, we’ll take a closer look at the MINI Cooper 2 Door interior and the MINI Cooper 4 Door interior,…
The MINI Cooper hardtop 2-door is the epitome of big things coming in small packages. Despite this model’s compact exterior, it sports a surprising amount of interior space for your Providence, RI commute. Check out the MINI Cooper 2-door interior features with MINI of Warwick, and get a look inside this compact vehicle for yourself when you…