Can You Trade In a Financed Car?

Can you trade in a financed car? Yes, you can trade in a financed car, but the loan on your trade-in vehicle doesn’t stop when you buy something else. How does trading in a financed car work in Barberton/Norton? It’s pretty straightforward unless you have negative equity. Learn more about trading in a financed car with the finance specialists at Fred Martin Superstore, and contact us with your questions, such as how to trade in a financed car for a lease.

How Does Trading In a Financed Car Work?

Don’t let trading a financed car stress you out. At Fred Martin Superstore, we take all the hassle out of car shopping. Below is the process for trading in your financed car:

1. Find out what you owe on your current car loan. You can find the amount on your monthly statement or by calling your lender.
2. Using Kelley Blue Book or the Fred Martin Superstore Value Your Trade tool, estimate the current value of your vehicle. Remember that it is only an estimate. The actual value may change when the dealership physically inspects your vehicle.
3. If the remaining balance of your auto loan is less than the amount the dealership offers for your car, you can put the remaining funds towards the down payment on your new Dodge!
4. If the remaining balance on your auto loan exceeds what the dealership offers for your trade-in vehicle, you’re in a negative equity situation. Your options are to pay the remaining balance or roll over the balance into your new car loan.

What Does “Rolling Over” A Loan Mean?

Rolling over a car loan is when a Akron dealership agrees to pay off your old loan and adds that amount to your new auto loan. You’ll be paying off your old and new auto loans simultaneously and will, unfortunately, have negative equity on your new vehicle.

Shop For Your Next Car, SUV, or Truck at Fred Martin Superstore

Our finance team can answer all your questions, like “Can you trade in a financed car for a lease?” or “Can you trade in a financed car?” We are always happy to help our Canton customers and are conveniently located near Medina. Please browse our new vehicle specials and apply for financing before your visit. Then contact us to enjoy a test drive in the car of your dreams!