Drivers who need a new vehicle and want to get the most value from their old one often ask us, “Will selling my car hurt my credit?” While selling your current car usually doesn’t hurt your credit score, it’s essential to know how the process works before you sell. Thankfully, the Mercedes-Benz of Silver Spring team has all the details you need.
Credit Impact of Selling Your Car
Generally, selling a car that you own doesn’t impact your credit score. If you don’t owe any additional payments on the vehicle, you can sign over the title to another driver or dealership without issue. So if the car is paid in full, you have nothing to worry about.
Selling a Financed Car
What about drivers who want to sell a car that’s still being financed? Before you sell your vehicle, you’ll need to pay off the car’s loan. You may notice a slight dip in your credit score since you’re closing an account; however, the impact is brief and minimal, and it may improve your credit depending on how you repay the loan.
How to Start Your Trade-In
When you’re ready to sell your vehicle, you can use our online appraisal tool to get an estimate on your car’s trade-in value. By inputting your car’s year, make, and model, plus additional information about its condition, you can get the True Market Value® courtesy of Edmunds. Once you’re ready to sell your vehicle, we’ll give it an inspection to provide you with your final trade-in value.
Get Reliable Mercedes-Benz Lease and Finance Advice in Silver Spring, MD
If you want to learn more about trading your vehicle in, we’ve got the answers for you. Contact Mercedes-Benz of Silver Spring today to book an appointment with our financing experts. We’ll ensure you have the information you need to make an educated decision.
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