Can You Trade In a Financed Car?

When the time’s right to elevate your commute from Camden to Columbia, selling your current vehicle is a great way to earn extra cash to put towards your upgrade. But can you trade in a financed car? How does trading in a financed car work? You absolutely can trade in a financed vehicle, and the process is easy to grasp when you team up with the Carolina Chrysler Dodge Jeep Ram finance team. 

Whether you want to trade in a finance car for a lease or you need to upsize for your growing Lexington family, we have the insight you need. Before you learn about trading in a financed car, it’s important to note that your loan balance won’t be erased by the sale. If the value of your vehicle is less than what you owe, you’re still responsible for the balance. Luckily, we’re here to offer tons of solutions to help you get behind the wheel of a new-to-you ride without breaking the bank. Learn more about trading in a financed car with our team below!

How Does Trading In a Financed Car Work?

So, how does trading in a financed car work? Follow the steps below to learn about trading in a financed car:

1. Determine what you owe on your loan balance. This information is generally listed on your monthly statement.
2. Use our Value Your Trade tool to get an estimate of the current value of your vehicle. Keep in mind, this is just an estimate, the official offer will be finalized at a later date.
3. If your loan balance is less than the value of your vehicle, you can comfortably make a trade. The excess funds can be used to offset costs when you trade in a financed car for a lease or new purchase. 
4. If you currently owe more on your auto loan than the value of the vehicle, you have negative equity. Also known as being “upside-down” or “underwater” on a loan, this scenario will leave you with decisions to make on how you want to proceed. The good news is, our Carolina Chrysler Dodge Jeep Ram team has tons of experience helping shoppers move on from having negative equity, and we can help you next!

What Does “Rolling Over” A Loan Mean?

Rolling over a loan is when the dealership agrees to pay off your old loan regardless of what you owe. However, this doesn’t simply make that debt disappear. The balance of your old loan will be applied to your new one when you decide to roll over the loan. This means that you’ll have the ability to pay off your old and new debt while also enjoying the benefits of a new car. 

Rely on Carolina Chrysler Dodge Jeep Ram for Guidance

Now that you can confidently answer the question, “Can you trade in a financed car?” you’re ready to upgrade like an automotive expert! When you shop with Carolina Chrysler Dodge Jeep Ram, you can trade in a financed car for a lease, or you can easily purchase a new car. No matter what route you take, you’ll find savings at our Lugoff dealership. We offer enticing new vehicle specials to help you secure a great deal. Explore our other car buying tips to get prepared, or apply for financing if you’re eager to make the switch!