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Having equity in your car is important when you come to trade it in or sell it. Without equity, your vehicle can become a liability and not an asset that you can use. When there's equity in your car, you can use whatever value you have, to cover all or part of a deposit towards another vehicle, or you can simply pocket the cash for other uses.
Equity is the value of your car, minus what you owe on the loan to your finance company. If your vehicle is worth more than you owe, you have equity. On the other hand, if you owe more on your loan than the car is worth, you then have negative equity. If you own a vehicle outright, its entire value is equity. It's important to know that car values are constantly changing, which means how much equity you have depends on by whom and when your vehicle is being evaluated.
Some other useful terms to know:
Want to know the current value of your car and how much equity is in it? Then now is a good time to contact us as we are looking for good quality, low mileage stock. Contact our teams today and we'll happily take you through the next steps to potentially cashing in on your vehicle.
This won't take a moment...
This won't take a moment...
This won't take a moment...
This won't take a moment...
This won't take a moment...