Can You Trade In a Financed Car?

salesman passing over new car key

 

Trading in a financed car is a simple process. If you’re considering trading up near Delray Beach, trade in your car at Land Rover Palm Beach. We’ll offer you market value for your vehicle, and even provide you with a comprehensive report of market trends, so you know you’ve gotten every penny that your vehicle is worth. But first, how does trading in a financed car work? Take a moment to find out. Then, value your trade using our used car trade-in value estimator to get an idea of what your vehicle is worth, and contact Land Rover Palm Beach to take the next step! 

How Does Trading In a Financed Car Work?

Now that you know that you can trade in a financed car, let’s walk through the steps of trading in a financed car.

  1. First, fetch your monthly statement. It will feature the remaining balance on your auto loan. Write it down. 
  2. Then, use our trade-in calculator to receive an estimate of the value of your vehicle, given its condition, model year, and mileage. 
  3. Is the remaining auto loan balance less than the value of your trade? If so, you have money left over to use as a down payment towards your next vehicle.
  4. If the balance is more than what your vehicle is worth, you’ll still be on the hook for the remaining balance. If you still really want another car, we’re happy to facilitate the trade-in, but you will lose money in the process. In this situation, we would simply roll the remainder of the loan into your next vehicle loan, so you can continue paying off the value of the deficit. 

What Does “Rolling Over” a Loan Mean?

Rolling over a loan is exactly what it sounds like: your remaining loan balance gets transferred over and added to your new loan. In other words, just because you trade in a car with an existing loan doesn’t mean your obligation to pay off that loan goes away. Whatever is left gets added to your new loan, and you then pay back the dealership for the old loan while at the same time you also then pay off the loan on your new vehicle.

Have Questions About How to Trade in a Car at Land Rover Palm Beach? 

So, now that you know that you can trade in a financed car, and you have a general idea about the steps of the process, if you have further questions about trading in a financed car, give Land Rover Palm Beach a call at 561-408-0149! In the meantime, take a moment to explore our car buying tips for other helpful reads, including our online car shopping guide and more! We look forward to helping our Wellington neighbors secure an excellent offer on their used car trade-ins!

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