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Can You Trade In a Financed Car?

man and woman with car salesman

Many Fort Gratiot drivers that are looking for a new vehicle may be wondering if they can trade in a financed car, and if so, how does training in a financed car work? The answer is: Yes! You can trade in a financed car and the finance team at Moran Chevrolet Fort Gratiot would be happy to help you! We can give you assistance in determining the loan balance you still owe and your options for trading in your car. We can also answer any finance questions you have and assist with credit scores, trade-in values, interest rates on car loans, leasing, and more! Read our blog to learn how to trade in a financed vehicle and the first steps you need to take before you visit the dealership.

How Does Trading in a Financed Car Work?

Trading in a financed car for a lease or a new loan in Marysville is easier than you might think. Learn how to trade in a financed vehicle by following the instructions below. You can also contact our finance team if you have any questions.

 

  • Find the remaining balance on your current loan: You can find this on your latest monthly statement.
  • Get an estimate on the value of your vehicle: Use our Value Your Trade Tool or one from Kelley Blue Book. This will give you an approximate estimate of the current value of your vehicle, subject to an inspection at the dealership.
  • Compare the trade-in offer from the dealership to the remaining amount on your current loan: If the remaining amount on your loan is less than the trade-in offer, that balance will be put toward the purchase of your new vehicle. For example, if the dealer offers you $9,000 for trade-in on your vehicle, and you owe a remaining balance of $7,000, the loan will be paid off and $2,000 applied to the purchase of your new automobile.

 

If the remaining amount on your loan is more than the trade-in offer, you may choose to pay off that balance before your purchase or incorporate that balance into the next loan from the dealer. 

What Does Rolling Over a Loan Mean?

You also have the option of rolling over your loan – allowing the dealership to pay off your old loan when you agree to purchase an automobile from them. However, keep in mind that this means the payoff amount will be added to the new loan for the new car you purchase in Marysville. 

Rely on Moran Chevrolet Fort Gratiot For Your Next Vehicle

Our dealership near Lake Port is here to answer your questions about the car financing process. Whether you choose to trade in a financed vehicle to lease or purchase new, we are here to guide you through the process. We can show you our new vehicle specials and supply you with car buying tips and online financing applications. Get in touch with our dealership today!

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Moran Chevrolet Fort Gratiot 43.0404, -82.4568.