Can I use a trade-in as a down payment for a car?

By Product Expert | Posted in Financing, Tips and Tricks on Friday, March 13th, 2020 at 1:13 pm
Cars in packed parking lot

Yup, you can use a trade-in vehicle as a down payment for your next car. However, you’ll want to make sure that car has positive equity before you do, otherwise, things will get tricky.

Car in empty parking lot

Can I get a car without a down payment?

While it can be possible to get a car without a down payment, you’ll need to prepare yourself for the repercussions. So, let’s see what you’ll need to take into consideration. Here’s how you can get a car without a down payment.

If you’re going to try and get a car without a down payment, you’ll need to prepare for having a higher monthly payment on the new car. Not only this but it’s more than likely that you’ll also have a higher interest rate.

As you may have already deduced, you can trade in your old model and use that as the down payment instead. However, like we’ve said before, you’ll want to ensure your old model has positive equity, so you can get as much as you can from your old car. If you have any further questions our team can answer them for you.

Contact your Kia of Mankato team!

Read more: Keep your Kia in its best condition in Mankato, MN

Vehicle finance assistance in Mankato, MN

Are you considering trading in your old model? This can potentially help lower your monthly payments and can replace the down payment, and we encourage you to get in touch with our team here at Kia of Mankato. Don’t forget that we accept good and bad credit here at our dealership, so go ahead and get started on the online credit approval process right here on our website. If you have any further questions, please feel free to contact our finance team here at Kia of Mankato. We would be happy to help you.

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