Can You Trade In a Financed Car?

handing keys to customer
 

Is trading in a financed car doable if you live in Woodway? Not only is it possible but easier than ever! Remember that just because you trade in a financed car it doesn’t mean that the balance goes away. You’re still responsible for paying off that loan, but our finance department will help make the process easy. At Allen Samuels Dodge Chrysler Jeep Ram FIAT, we’ll go over everything you need to know about trading in a financed car and how to trade in a financed car for a lease. 

How Does Trading In a Financed Car Work?

To better explain trading in a financed car, we’ve broken it down into easy-to-follow steps. Here’s how you can get started: 

  1. Find out how much you still owe on your loan. Usually, you can find this number on your monthly statement.
  2. Get an estimate on the value of your current vehicle. While this is just an estimate, the number will be more precise once the vehicle is inspected by the dealership physically. We can help you find out what your vehicle is worth with our trade-in value tool
  3. Compare the difference of the amount left on your auto loan to the estimated value of your car. If you owe $5,000 but the dealership offers you $6,000, then you will have $1,000 left after paying off your loan to put towards a new vehicle. 
  4. If the remaining loan balance is greater than the car’s estimated value, then you will still owe money on your car. This is what’s known as negative equity. 

If you find that you have negative equity, you have two options: you can pay off the remaining balance before purchasing your next car, or you can roll the balance over to your next vehicle with a Temple dealership like Allen Samuels Dodge Chrysler Jeep Ram FIAT. 

giving keys

What Does it Mean to Roll Over a Loan?

When you roll over a loan, the dealership will pay off your loan on your old vehicle. However, that price gets added on top of your new loan for the next vehicle you purchase. This means that you will be paying off your old loan and your new loan at the same time. So, can you trade in a financed car? Absolutely, but it’s important to know the loan amount and trade-in value of you trade in a financed car for a lease. 

Trade in Your Car at Allen Samuels Dodge Chrysler Jeep Ram FIAT

Still unsure if you can trade in a financed car? What type of deal you get depends on what your Gatesville vehicle is worth and how much you still owe. Luckily, the finance department at Allen Samuels Dodge Chrysler Jeep Ram FIAT has the expertise to make the process stress-free. Contact us if you want to trade in a financed car for lease or for more car buying tips and tricks. Let us help you make the car trading process easy!

More from Allen Samuels Dodge Chrysler Jeep Ram FIAT

  • 2021 RAM 1500 Towing Capacity

      The RAM 1500 towing capacity varies depending on the engine you select, but you can tow up to 12,750 pounds with the available 5.7L HEMI® V8 engine. Looking for efficiency or a speed boost of power on Woodway roads? You’ll find what you need between five available engine options and a wide selection of…

  • 2020 Dodge Challenger Exterior Colors

      High horsepower and a low MPG rating aren’t the only impressive features of the new Dodge Challenger that Woodway drivers should be impressed by. The available 2020 Dodge Challenger colors give car shoppers plenty of customization options. From classic Dodge Challenger paint colors like pitch black to bold options like mango orange, there’s a…

  • 2021 Jeep Renegade Colors

    The Jeep Renegade has earned its reputation as an exceptional vehicle sporting powerful capability on and off the Woodway roads. The Jeep Renegade also offers exceptional color options both inside and out, allowing you to customize the Renegade to your liking for every trip. Learn about the different Jeep Renegade color options with Allen Samuels Dodge Chrysler Jeep Ram FIAT, and…

Saved Vehicles

SAVED VEHICLES

You don't have any saved vehicles!

Look for this link on your favorites:

Save

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

Contact Us

(254) 772-1000

Call Now

201 W. LOOP 340 • Waco, TX 76712

Get Directions

Today's Hours:

Open Today! Sales: 8am-6pm

Open Today! Service: 8am-4pm

Allen Samuels Dodge Chrysler Jeep Ram FIAT 31.5097545, -97.188118.