Honda Accord Trade for new model

[2011beginnings]

A year ago, I purchase a 2011 Honda Accord and got approved with an auto loan with PenFed.

Fast forward to now, I am really eyeing the 2014 models and thinking of trading mine in. Actually, I do want to trade mine in.

How does this work with any existing loan? Can PenFed do the financing or should I go with Honda?

Penfed is 1.74% and Honda is 1.9%. I didn't know if I could do another one with Penfed.

[ExplicitElicit]

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@2011beginnings wrote:
A year ago, I purchase a 2011 Honda Accord and got approved with an auto loan with PenFed.

Fast forward to now, I am really eyeing the 2014 models and thinking of trading mine in. Actually, I do want to trade mine in.

How does this work with any existing loan? Can PenFed do the financing or should I go with Honda?

Penfed is 1.74% and Honda is 1.9%. I didn't know if I could do another one with Penfed.

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Are those rates the rates that you've been approved at or just what they offer? If you're serious about purchasing a new car then I would look at both and compare the offers they can give you. As far as you trading it in, yes of course you can do that. Do you know if you're upside down on the loan or do you have some equity in it?

[Remember0]

If you qualify credit wise, you can certainly do another with PenFed. Call them/talk with them.

Also look into DCU. Their rates are lower than PenFed's for auto loans.

[Creditaddict]

Just call Penfed and tell them you would like to trade your card in for a new one and get pre-qualified for the new auto loan... doubt you will have any issues... 

figure out how much "wholesale, blackbook" your current car is worth and negotiate on the new car (I prefer by e-mail before even going into the dealership) by finding the options and color you want on the lot and emailing for a price quote with that car... don't mention the trade in.

if you are in a bigger city, send off emails to more than 1 honda dealership and find the best offer for the model you want.

if you have a carmax, I like to take my car over to them and get a cash price offer, so you know the LOWEST number you should accept from the dealer on your trade... if carmax is offering you more than you owe, I would not plan on trading it in with the purchase of the new at all, I would sell it to carmax so you don't have any extra confusing points on paperwork of purchasing the new car... but buy the new car before you trade in just in case any issues arise.