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Even if you’re still making payments on a financed car, the answer is yes — you can trade it in for a new vehicle! Just keep in mind that you’ll still be responsible for paying off any balance that remains on your loan. So how does trading in a financed car work? It’s pretty simple: your dealership can “roll over” the outstanding amount on your current loan into your new loan. In addition, you can credit your current car’s trade-in value toward your new car loan.
We hear from many Lexington drivers who wonder whether the same is possible for leased vehicles. In other words, can you trade in a financed car for lease? Like leasing a used car, it is possible in certain circumstances — but there’s a lot to know about trading in a financed car before you decide on the right path for you. Read the guide below from Jack Burford Chevrolet,inc. for details, and don’t hesitate to contact the Jack Burford Chevrolet,inc. finance center with your car-buying questions!
What if you owe more on your current car than it’s currently worth — can you trade in a financed car regardless? You can, but only if your dealership agrees to pay off the remainder of your loan when you purchase your vehicle from you. For instance, say you owe $9,000 on your auto loan, and your dealership purchases the vehicle for its present value of $8,000. The remaining $1,000 is then added to the principle of your new car loan.
As you know, trading in a financed car means that you’re trading in a car that you haven’t yet finished paying for. To make it possible for you to purchase a new car, your dealership pays off the remainder of your old loan. That’s what we call “rolling over” a loan. Essentially, your new loan and the remaining portion of your old loan are now bundled together. It’s a great option for many Winchester drivers, but keep in mind that you’ll probably pay more in interest over time due to the longer loan term. Also, be sure to budget for higher monthly loan payments if you’re rolling over a significant amount from your old loan.
Can you trade-in a financed car for lease in the same way? Whether you roll over your current loan into a lease or finance contract, most lenders won’t be on board unless your current loan is in good standing. If you’re unsure about your options for trading in a financed car, contact the Jack Burford Chevrolet,inc. finance center to speak with an expert about buying your next car.
Dreaming about a new Chevy Spark for your London commute, or a pre-owned Silverado for tough jobs around Richmond? Whatever you’re looking for, we’re committed to finding you a car you love at a price that fits your budget. Reach out today to get started!
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