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Can I Get A Car Loan If I Owe More Than My Trade's Worth? Push It In! Pull It In! Drag It In!There's a simple reason so many dealers advertise PUSH, PULL & DRAG SALES. Almost half of all shoppers in the market for a new car are "Upside Down" on the car they're driving now. "Upside Down" means they owe more than the car is worth. In fact, in a recent article, The Los Angeles Times reported that the typical car buyers owe over $4,000 more than the value of their trade in at the time of a new vehicle purchase. There are many reasons people might be upside down in their trade. Escalating new car prices and historically low interest rates have led to longer terms on most car loans. The average auto loan is now almost 66 months, that's five and a half years. While at the same time, factory incentives, fleet sales and higher fuel prices have combined to depress used car prices, especially on gas guzzling sport utilities that were so popular just a few years ago. This has created a perfect storm for negative equity. You are definitely not alone owing more than your trade in is worth. The good news is: Help is available. Recent regulatory changes in the banking industry now offer car buyers multiple options for getting out of that old clunker and into the car of your dreams. So, Yes, you can get a car loan even if you owe more than your trade in is worth. Just Fill out our Quick and Easy Car Loan Application, to get the ball rolling and we'll take care of the rest. Our nationwide network of lenders can help find you the money to pay off that old pile of junk and put you behind the wheel of a newer, nicer, cleaner, more dependable car. And with interest rates at an all time low, you might even be able to lower your payment. CAR LOAN FAQS: |
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