Is it possible to "downgrade" a financed car?

Question

Like trading in a car for a less expensive one?

Answer

Yes but you’ll owe the extra on the more expensive car. Like if you have a $20k car and trade it in for a $10k car you’ll still have the $10k difference added on to your new financed amount.

Answer

You can and different dealerships have different promotions to buy out the end of your loan. Will also depend on the difference between old and new car

Answer

You can but keep in mind of the negative equity. That will be added to the overall price of the car so if you get a $15k older vehicle & you owe $10k, the older car will now be $25k rather than $15k.

Answer

You can but depending on what your shortfall will be, you may not save anything.

Answer

All depends on the trade in value of the current car and what the outstanding loan is. If the trade in is what the loan is worth than sometimes they will give you enough trade in to pay off the loan and youll start fresh on a new payment. If the trade in is less than what the loan for the current car is the left over amount will get added to your new loan. So you might have a “cheaper” car but your payment might still be the same

Is it possible to "downgrade" a financed car?

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