Answer
Aug 09, 2021 - 08:29 PM
Hi there
You could certainly trade in your current Polo for another one, although it may not be advisable to do so. Simply apply for new vehicle finance, following which the dealership that's willing to do the deal will first settle your outstanding finance agreement before starting a new one. Ask the Finance and Insurance salesperson at the dealership to help you through this process.
There may be a catch, though: the chances are that your settlement on the old Polo may be higher than its trade-in value, in which case you'll have to pay extra to settle the balance. Alternatively, this settlement may be financed as part of the new purchase agreement (within boundaries, as determined by the newer car's market value), but that will leave you with higher monthly repayments. We'd advise that you hang onto the older car instead, pay it off until you'll get more for it than you owe on it, and then trade it in on something else.
Hope this helps!
The AskAutoTrader Team
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