Many consumers who are applying for a car loan hope that by trading in their used vehicle, they will receive additional savings on a new purchase. However, before they start punching these numbers into a car loan calculator, they first have to receive an estimate.
Some shoppers are frustrated by the trade-in values of their cars, which many people expect to be higher than what they get. In response to this trend, Hyundai has announced that it will offer a trade-in value guarantee during the month of May.
As part of the program, Hyundai dealers will offer future price estimates on all new purchases. Consumers will receive two-, three- and four-year figures. When an individual trades in the vehicle at a later date, Hyundai officials will compare the market value and the predetermined guaranteed price. The trader will be granted the best offer of the two.
This option may be of interest to people who are seeking a bad credit car loan. By receiving a guaranteed trade-in value on a new car, they do not run the risk of losing money when they want to upgrade.
According to CBS Money Watch, users who own a car worth less than $2,000 may want to consider donating it to charity in exchange for a tax deduction. Aside from knowing that their vehicle is going to a good cause, consumers can save money at tax time, which can later be used to apply for a used car loan.