Can You Trade in a Financed Car?

Car-buying paperwork
 

On the search for a new vehicle? It’s likely you’re asking yourself, “can you trade in a financed car?” Beavercreek drivers can trade in a financed car easily, however, remember that the balance of the loan for the vehicle still has to be paid.

When you’re wondering, “how does trading in a financed car work?” just remember to not let a loan balance hold you back from your dream car. Learn more about trading in a financed car with the experts at the Key Chrysler Jeep Dodge Ram FIAT finance center. We can even help you trade in a financed car for a lease. Contact us if you have any questions about your interest rate, car loan, and more!

How Does Trading in a Financed Car Work

Springfield drivers wondering, “can you trade in a financed car” will find it’s not an overly difficult process. Below are the steps drivers should follow for trading in a financed car:

  1. Verify the amount remaining on the loan. This can typically be found on the monthly statement.
  2. Find the trade-in value of the vehicle with the Key Chrysler Jeep Dodge Ram FIAT tool. Keep in mind that this is an estimate. When trading the vehicle, the dealership will physically inspect it and establish the worth based on the condition. 
  3. When going to trade in a financed car, drivers may find that the remaining balance on the loan is less than the trade offer. That leftover money can be used towards purchasing a new vehicle.
    • For example, if a driver owes $7,000 on their loan, but a dealer offers $8,000 towards the trade, the full amount of the loan can be paid and the additional $1,000 towards a new car. 
  4. Drivers who find that the amount on their loan is more than the trade-in value of the vehicle have what is called negative equity. An amount is still owed on the vehicle, so the remainder has to be paid in full before drivers can trade in the finance car. Another option available is rolling over the balance into the next auto loan with the dealer. 

“Rolling Over” a Loan

Wilmington drivers interested in answering, “how does trading a financed car work?” may find that they have a remaining balance even after valuing their trade. That remaining balance can be rolled over by the dealership agreeing to pay off the old loan, no matter how much is owed. However, that amount then gets added to the new loan for the next vehicle drivers are planning on taking home. This means that drivers are paying the dealership for both the old loan and the new loan at the same time. There’s a similar process when you trade-in a financed car for a lease, but feel free to reach out to us for specifics.

Explore Leasing and Financing Options at Key Chrysler Jeep Dodge Ram FIAT! 

Ready to trade in a financed car for a lease and navigate around Beavercreek in a new vehicle? Contact us at Key Chrysler Jeep Dodge Ram FIAT, and easily prepare by calculating your payments, finding a good interest rate, and more with our expert finance team. We’ll help you with trading in a financed car and walk you through your automotive journey from start to finish.

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