Maximizing the value of your trade-in

After the end of a tough workday, you take a look at your ride and say “that old set of four wheels just doesn’t cut it anymore.”

Turns out you’re tired of your current vehicle. You’re looking for something fresh. But you want to get some money for your current vehicle. Here are a few things you can do to make sure that happens:

Pay off your old car

If you want to maximize your trade in, pay it off in full, if possible. Even if you have a few thousand dollars left to pay, any balance you have on your loan will have to be deducted from the trade-in value you accept. This weakens your bargaining position. One option is to roll the existing balance of your old car loan into your new car loan. That means a $15,000 purchase on your new car will become an $18,000 purchase when your old car balance of, say $3,000, is included into the loan.

Kelley Blue Book

Use Kelley Blue Book to determine the value of your vehicle before an appraiser at the dealership examines it. Kelley Blue Book is the industry standard and you can learn more at www.kbb.com. Knowing your vehicle’s market value with help ensure you aren’t getting low-balled when the dealership makes you an offer on your old car.

Get several quotes

Get quotes from several dealerships. Don’t just use one appraisal and the KBB values. There may be another dealership willing to give you a few more dollars to make the deal happen today, especially if they’re looking to reach their end-of-the-month sales.

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