Can You Trade In a Financed Car?

man hands the keys to the car

Orange Park drivers often ask themselves, “Can you trade in a financed car?” Simply stated, the answer is: yes. However, you’ll want to keep a few things in mind when looking to trade in a financed car. At the top of that list is that the current loan on your vehicle isn’t simply forgiven, and you’ll be responsible for paying off the remaining balance. To learn more, get in touch with us! The Beaver Chevrolet finance team has all the details and car-buying tips below to help you with your next vehicle!

How Does Trading in a Financed Car Work?

While the process of trading in a financed vehicle is pretty similar to the typical trade-in process, you’ll still want to first check out the value your trade tool to see how it stacks up against the amount you still owe on your loan. If your car’s trade-in value doesn’t quite cover what you still owe, our finance team can help you figure out your next course of action. When using this tool, remember that more than just the year and mileage of the car are taken into consideration.

If the remaining amount owed on the loan is less than the value of the vehicle itself, your dealership will compensate you enough to pay off the remainder of the loan when your vehicle is purchased. For instance, if you owe $7,000 on your Chevrolet, and your dealership offers $9,000 to buy it, the loan will be paid off. The car ownership will be transferred to the dealership, and the remaining sum of $2,000 will then be deducted from the price of your new ride.

“Rolling Over” A Loan

If a dealership says they will “rollover” a loan, this means they will pay off the remainder of your old loan no matter how much you owe. However, this doesn’t mean that the old loan goes away. This price is ultimately added to your new loan on your next vehicle; you’ll still have to pay off the value you owe — but you’ll pay the dealership instead of your old lender. For some Jacksonville Beach drivers who had a high-interest rate on their previous car loan, this may be a useful measure.

To illustrate trading in a financed car: If you happen to owe $7,000 on your previous auto loan, and the dealership offers you $5,000 for your trade-in, they may offer to “rollover” the remaining loan balance. This means that an extra $2,000 will be tacked onto the next auto loan you take out, and you’ll pay it off over the course of your regular payments.

Consult the Financing Experts at Beaver Chevrolet

If you still have questions or if it’s time to find your next vehicle, make your way to Beaver Chevrolet. Our specialists can help you find the perfect model for your Jacksonville Beach drives, as well as pair it with our new vehicle specials for additional savings. Contact us today to schedule a test drive, learn more about the Chevy Colorado towing capacity, or simply learn more about your financing process.

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