Can You Trade in a Financed Car?

trade in used car

 

Nothing should stop you when you find a car you love. While you can trade in a financed car, remember that you’re loan balance doesn’t go away. Learn more about trading in a financed car that still has a balance with your Griffin-area finance center. Contact our team at Volume Chevrolet, so we can answer your questions about car loans, interest rates, selling a car, credit scores, and more!

 

 

Trading in a Financed Car for Lease

Whether you have your eye on a new model or you’re making space in your driveway in McDonough, trading in a financed car for lease is relatively straightforward. So, how does trading in a financed car for lease work?

  1. First, it’s necessary to understand the state of your loan. Determining your remaining loan amount by looking at your latest monthly statement.
  2. Another important step for how trading in a financed car for lease works is understanding the worth of your vehicle. Use our Value Your Trade or a service like Kelley Blue Book to estimate the value of your current vehicle. Once you stop into the dealership, they’ll appraise how much the car is worth.
  3. When you have a remaining amount on the loan that is less than your trading value, trading in a financed car will leave you with leftover money that can go towards a new Chevrolet.
    1. Say your loan amount is $7,000, but the dealer offers $8,000 for your current trade-in. You’ll have $1,000 that you can put towards your next car or have added to your savings.
  4. On the other hand, when your loan balance exceeds how much your vehicle is worth this is called negative equity. While you can trade-in your financed car for lease, you’ll either have to pay off the remaining amount, or you may be able to roll over the balance to your next loan with a dealer.

What “Rolling Over” A Loan?

“Can you trade in a financed car with a balance?” If there’s an amount remaining, the dealership will pay off your loan, no matter how much you owe. However, that doesn’t mean that amount goes away. The price simply gets added to the new loan of the next car you buy, so you’re paying the old and new loan at the same time.

Explore Car Buying Tips with Volume Chevrolet!

Now that you have a better idea of how trading in a financed car works in Forsyth, browse our inventory for a Chevrolet that fits your style. If you have any financing questions, explore our other car buying tips and reach out to our finance center to discuss your financing options.

 

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450 North Lee Street
Forsyth, GA 31029
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Main 770-450-0953 Sales 770-450-0953
450 North Lee Street
Forsyth, GA 31029
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