Get more specifics on the process of trading in for a used car, trading in a new car, or trading your car in for a lease.
What do you need to trade in your car?
Having the correct paperwork handy when trading in your car can help make this process go smoothly. Prevent making extra trips to track down the information by having these documents in hand for the trade-in vehicle:
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- Proof of car insurance
- Title and registration
- Estimated trade-in value
- Maintenance records and service
- Keys, remotes, and the owner’s manual
- The loan account number, if you still have a loan on the trade-in vehicle
- Your driver’s license
Can I trade in my car without a title?
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You will need the title to trade in a vehicle. If no loan remains on your trade-in, bring the vehicle’s certificate of title to the dealership. Selling a vehicle without any proof that you own it is typically illegal. To replace a lost car title, contact your state’s Department of Motor Vehicles or the location where you bought the car. You might need to pay a small title replacement fee.
How does trading in a financed car work?
If you’re trading in your car with a loan, you’ll first determine if your trade-in value is worth more or less than what you still owe on the loan. If it’s worth more, you can use the trade-in value to pay off your loan and then use what’s remaining toward your new car.
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If the car is worth less than what you owe, you’ll need to continue paying the loan after you trade in your car — you can put your trade-in amount toward your old loan, but it won’t be enough to pay off the car completely. Or the dealer may help you roll what you still owe into your new auto loan.
Does trading in a car hurt my credit?
The trade-in process of assessing the value of your vehicle does not affect your credit because the dealer doesn’t need to check your credit score to determine the price they’ll offer for it. According to Experian, lenders make a hard inquiry into your credit report whenever you apply for new credit, such as a car loan. Too many hard inquiries in a short time can hurt your credit score. To limit the impact on your credit score, space out any actions that require hard credit checks (such as loan applications) by at least six months.
Is it worth it to trade in a car?
Trading in a car is often worth it if you want to save time and put your trade-in value directly toward purchasing another car. The main disadvantage of trading in a car is that a dealer is unlikely to give you the car’s full value since they must sell it for a profit. In other words, you can often get more for a car by selling it privately, which takes more effort.
Source: https://t-tees.com
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