Hi, i intend to sell my car and get a used car but I still have loan with the bank abt $40K. if i trade-in and get a used car that is cheaper do i have to pay anything else? coz my main point is to either lower my monthly repayment or no need to pay anything at all.
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Jeremy
It depends on the trade-in value of your current car. if the trade-in value is higher than $40K (Eg. $50k) and the used car is cheaper (Eg. $30k), then the loan will be offset, meaning you'll get back $10k from selling your car, and this amount can be used as a downpayment for the used car that you're buying.
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about 7 years ago
