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Can You Trade In a Financed Car?

Car dealer giving car key to buyer

 

Ooltewah drivers are asking us often, can you trade in a financed car? The short answer to this is yes, you absolutely can. However, it’s important to keep in mind that the loan on your vehicle doesn’t simply vanish when you get rid of the vehicle. You still have to pay off the balance of the previous financial agreement, and this could also apply if you’re trading in a financed car for a lease. If you want to know more about whether you can trade in a financed car, our finance department has put together this helpful guide, to make it easier for you to decide when you’re applying for financing online if leasing or financing is the better option for you. 

How Does Trading In a Financed Car Work?

How does trading in a financed car work? Fortunately, trading in a financed car is a fairly simple process for those around Athens. It works a lot like trading in any other car, with just a few extra steps:

  1. Determine the remaining balance on your loan. It’s typically able to be found somewhere on your monthly statement, or via a phone call to your loan provider.
  2. Use our Value Your Trade tool to get an estimate on the value of your current vehicle. Remember that this is just an estimate and that the vehicle will need to be inspected before an offer is made. 
  3. If the remaining amount of your auto loan is less than the trade-in offer from the dealership, then you’ll have money left over that will go towards purchasing a new car.
  4. If the remaining balance of your auto loan is more than the trade-in offer, then you’ll still owe money on your car. You can choose to pay off the remainder before buying your next car, or you may have the option to roll over the balance into your next auto loan with the dealer.

What Does “Rolling Over” a Loan Mean?

Rolling over a loan is the terminology used to describe when a dealership pays off the remainder of your original loan and adds it to your new finance agreement. While this can help people in the Dalton area get into a newer vehicle more quickly, it does come with some nuances, since you’re adding an extra loan to your new vehicle loan. However, our experts have plenty of experience working with various financial situations, so we’re equipped to assist you if you need to roll over a loan.

Trust On Mtn. View Chevrolet for Your Next Vehicle

If you’re currently financing a vehicle that you’re looking to upgrade, now you know it’s possible to trade it in and Mtn. View Chevrolet is here to help. Whether you’re trading in for a new lease, or going for another financed vehicle, contact us together with any questions you might have.

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