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!

More from Scott Evans Nissan

  • 2024 Nissan Sentra MPG

      If you’re looking for a sedan that goes beyond the ordinary, you should take a closer look at the 2024 Nissan Sentra. This compact car has a bold look, reliable construction, and fuel-sipping engineering. The Nissan Sentra fuel economy is an impressive 30 mpg city and 40 mpg highway* when you pick one of…

  • 2024 Nissan Rogue Trim Levels

      With its powerful yet efficient engine, available all-wheel drive, and world-class style and features, it’s easy to see why the Rogue is the best-selling vehicle in the Nissan lineup. What’s more, the Nissan Rogue price is accessible across all 2024 trim levels, ensuring you drive off our lot with the budget-friendly midsize crossover best…

  • 2024 Nissan Kicks MPG

      When driving around Carrollton and Newnan, you’re probably used to seeing subcompact SUVs. These efficient and stylish SUVs have gained popularity with many Douglasville-area drivers, and one of the best is the new Nissan Kicks. As a result, we’ve been getting questions about the 2024 Nissan Kicks gas mileage ratings. So, how many miles…

Saved Vehicles

You don't have any saved vehicles!

Look for this Save icon

Once you've saved some vehicles, you can view them here at any time.

Scott Evans Nissan 33.5880212, -85.0529572.