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Will a Car Dealership Pay Off a Loan?
Car Loan

2020-12-15
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Yes, it is possible that a car dealership will help you pay off the amount on the loan that is left for your car. This will only happen though if the car is being traded in to the dealer, and if they are able to get their money back out of it all. If these are in place, then the dealer is more likely to use the value of the trade in to help you pay off your loan.

At Hartland Automotive Sale, we are happy to help you with any trade in that you have. We can even provide you with help paying off the current loan on the vehicle, taking some of the errands off your hands while still getting you some of the relief you need when purchasing a new car.

How Long Does It Take a Car Dealer to Pay Off a Loan?

Most dealers will work to pay off the loan as quickly as possible. This helps to get the car out of your name and over to them, which is important when you are trying to sell it. However, you do need to give it some time for the loan to process and be paid off. You can always contact the dealer or the loan provider if it seems to take more time than you think it should.

How Does Trading In a Car you Still Owe Money On Work?

The way this process works will depend on several factors. If the trade in is worth more than the amount of the loan, then the lender will pay it off for you and give you the rest of the money. This can be used to help pay for a new vehicle or even as part of a down payment and is a way to lower what you owe on the new car.

However, if you owe more on the loan than you can get for the trade-in, you will still need to pay off the remainder of the loan. The dealer can give you the money to help with this, or you can have them pay off the loan for you depending on your arrangement.

Can You Negotiate a Payoff On a Car Loan?

Yes, you can always negotiate what you own on any loan that you get. Whether you can get the lender to negotiate with you is another question. You will need to talk to your specific lender to figure out whether this is something that you can do. Depending on the situation, it is possible to limit how much you owe on your old car while purchasing something new.

If you are considering trading in your vehicle and getting a new car to get you around town, come visit us at Hartland Automotive Sales. We are happy to serve our customers in the area and can answer any questions you may have about your current vehicle or a new one you want to purchase. Contact us today to see how we can help you.

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