Can You Trade In a Financed Car?

Woman handing over car keys

You can trade in a finance car, but remember that the loan will not go away once the vehicle has been traded in. Learn more about trading in a financed car with ease with this guide from the financial experts at Bob Ross Buick GMC. Feel free to reach out to our team if you need assistance along the way or would like to make an appointment.

How Does Trading In a Financed Car Work?

  1. Look at your monthly statement to know the balance on your auto loan.
  2. Use our Value Your Trade tool to estimate the value of your current car. Remember, this is only an estimate. You won’t know the actual value until it’s been inspected at our Centerville service center
  3. If what you owe is less than the trade-in offer, then you can use that money towards your next purchase. As an example, if you still owe $7,000 on your vehicle, and the dealership offers you $8,000 for it, then the load will be paid off and you will have $1,000 that can go towards your next vehicle.
  4. However, if you owe more, that’s called negative equity. This means you ower $8,000 and the dealership offers $5,000. You can either pay off that remaining $3,000 balance or roll over the balance into your next car loan at Bob Ross Buick GMC. 

What does it mean to roll over a loan? This is when the dealership pays off your remaining loan and adds it to your new loan when you purchase your next vehicle. So, you will pay the dealership back for the new loan at the same time as your previous vehicle.

Find Your Next Vehicle at Bob Ross Buick GMC!

If you want to trade in a finance car for a lease or another car loan, our team is standing by to help in any way that we can. Explore our new vehicle specials and get pre-approved for financing right at home in minutes. We’re proud to be your go-to destination for all of your car-buying needs, as we provide helpful tips to make your experience go as smoothly as possible. Contact us to take the next steps in the car buying process.

 

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