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Can You Trade In a Financed Car?

Woman handing over car keys
 

Trading in a financed car is really quite simple, but it is important to remember that you will still be on the hook for the remaining amount of your original auto loan. How does trading in a financed car work? This guide from the finance team at Planet Dodge Chrysler Jeep RAM will walk you through the steps on how to trade in a financed car for a lease or purchase at our dealership in Miami.

 

How Does Trading In a Financed Car Work?

The process for trading in a financed car is a bit different from trading in a vehicle that you have already paid off. Take a look at the following steps you should take if you wish to trade in a car for a lease or purchase:

  1. Review your monthly statement to find out exactly what the balance is on your auto loan.
  2. Use our online Value Your Trade tool to get an estimate on the value of your current car. Note that this will only be an estimate, the actual value will be determined after the vehicle has been inspected and appraised at our service center near Kendall. 
  3. If what you owe on your loan is less than the trade-in offer, then you can put that money towards your next purchase. For example, if you still owe $7,000 on your vehicle, and you are offered $8,000 for it, then the load will be paid off, and you will have $1,000 that can go towards your next vehicle.
  4. If what you owe on your loan is more than the trade-in offer, you can either pay off that remaining balance yourself or roll the balance over into your next car loan. Rolling over your loan means the dealership is paying off the old loan, but the price gets added to your new loan on your next vehicle. This means you’re paying the dealership back for the old one while you’re paying off the new car.

Trade-In and Upgrade at Planet Dodge Chrysler Jeep RAM!

If you want to trade in a financed car for a lease or another car loan, our team is standing by to help in any way that we can. Just make sure that you explore our new vehicle specials to take advantage of some of the best deals in the Hialeah and Miami Lakes area. Then, apply for financing with us online to expedite the process when you arrive at our dealership. Why wait? Contact us today to take the next steps in the car buying process.

 

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