Can You Trade In a Financed Car?

Woman handing over car keys

 

You sure can! You can totally trade in a financed car, but you should know that you’re still on the hook for the remaining loan. How does trading in a financed car work? It’s a process that takes a couple steps and Scott Evans Nissan would love to tell Newnan drivers all about it. Our finance team is ready to help you out with any questions you may have, and be sure to contact us if you’ve got any questions about car loans like “can you trade in a financed car for a lease?”

How Does Trading In a Financed Car Work?

  1. Figure out the remaining balance on your loan. It’s typically listed on your monthly statement.
  2. Use our Value Your Trade tool or one from a place like Kelley Blue Book. You’ll get an estimate on the value of your current vehicle. Be sure that this is simply an estimate and it’s only after the vehicle has been physically inspected that the dealership will establish what your car’s worth.
  3. If the remaining amount of your auto loan is less than the trade in offer ($7,000 owed on an $8,000 car), you’ll have money left over. If you owe more than what your car is worth ($8,000 owed on a $7,000 car), you’ll still owe some money and you’ll have to roll it over to your next vehicle. Alternatively, you can just pay it off and get it done with.

What Does “Rolling Over” A Loan Mean?

Rolling over a loan is when a dealership says they’ll pay your old loan off no matter how much you owe. However, this is too good to be true, because the price gets added to your new loan on your next car. This means you pay the dealership back for the old loan at the same time you pay off the loan on your next vehicle.

Find Your Next Vehicle with Scott Evans Nissan

No matter if you’re trading in a financed car or trading in a financed car for a lease, be sure to check out our new vehicle specials page to find out what your next vehicle could be like. Contact us today to get it going!

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