Can You Trade in a Financed Car?

June 29th, 2021 by

Tiny car with coins and finance paperwork

Can you trade in a financed car in Wheeling? The answer is yes, but there are a few things to keep in mind before you set up your appointment. When you trade in a financed car for lease or loan, you are still responsible for the original loan balance. So in this guide, Straub Honda is here to walk you through the process of trading in a financed car the right way. Let’s get started.

How Does Trading In a Financed Car Work?

First, how does trading in a financed car work? You’ll need to do a little bit of research to get the ball rolling in Moundsville.

  • Do you know the balance of your current loan? If not, take a look at your last monthly statement. The balance should be listed on the document.
  • Find an estimate of your car’s worth with a Value Your Trade online tool. These online resources offer quick estimations of your vehicle’s current value, but keep in mind that you won’t get the precise trade in value until you arrange an appointment with the dealership.
  • If your trade in value is more than the balance of your loan, the difference will be applied to the cost of your new car. If your balance is more than your trade in, you’ll need to pay off the remaining balance or add it to the next auto loan.

What Does it Mean to Roll Over a Loan?

When you roll over a loan, it means that the dealership agrees to pay off your old loan to get you into a new car. But, this isn’t as simple as waiving your balance. Trading in a financed car with an unresolved balance just means that your old loan gets added to the new loan. In short, you’ll pay off both the old and new loans simultaneously while you pay for the new vehicle. So, keep this in mind when you choose whether or not to roll over your loan.

Find Your Next Car at Straub Honda

Now you know how does trading in a financed car work in Steubenville, but if you still have questions, feel free to contact us in Triadelphia. Straub Honda has an extensive inventory, as well as a dedicated staff of finance professionals to help you get the best deal possible. Reach out to us at any time or visit our showroom today!

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