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Can You Trade in a Financed Car?

On the lookout for a new vehicle around Pine Grove, but wondering if you can trade in a financed car? Simply enough, you can! Yet, trading in a financed car doesn’t settle the loan. Even after turning the car into the dealership, you’ll still be responsible for the remaining balance of the loan. Klamath Falls Honda has the steps you can take if you’re thinking about trading in a financed car for a lease. Explore your options with this guide, so you can stop by your local Oretech dealership feeling prepared when trading in a financed car.

Trading in a Financed Car

How does trading in a financed car work? Keep these ideas in mind when visiting Altamont dealerships for a trade-in:

  1. When trading in a vehicle, you’ll get a lump sum for the worth of the vehicle based on make, model, year, and other factors. Find the trade-in value for your vehicle to be prepared. 
  2. The lump-sum received may be enough to cover the remaining loan, or there may be enough to apply to your next vehicle purchase.
  3. When the money received isn’t enough to eliminate the remainder, this is referred to as negative equity. Several things can happen next for trading in a financed car:
    1. Looking to trade in a financed car for a lease? You may have to continue paying off the old vehicle while making the new lease payments.
    2. Think you’re planning to finance and buy a new vehicle? Dealerships may offer to “rollover” the old balance, so any remaining balances come together for one simple monthly payment. 

To help manage your new vehicle payments, take advantage of our payment calculator. If you’re still wondering how trading in a financed car works, contact us with any questions.

Get the Most Out of Your Trade-In

You’ve found the answer to your query, “can you trade in a finance car?”, but you may still be wondering about ways to reduce the threat of negative equity. When you think you might owe more than your vehicle is worth, it’s best to take steps to maximize your trade-in value:

  • Be prepared for negotiation by staying aware of what similar models are selling for. Use tools like the trade-in value estimator.
  • Take care of the necessary maintenance, the dealer will have trouble passing on a well-maintained car and may end up offering more money.
  • Detail the interior and exterior as much as you can. This saves the dealer time and energy by bringing in a lot-ready vehicle.

Get the Most Out of Your Trade with Klamath Falls Honda! 

Now that you have a better idea of how trading in a financed car works, be sure you know all your options going forward. Make sure you are getting the most savings on your next vehicle with the current offers and incentives. Military personnel and college graduates can get up to $500 towards their new Honda with the Honda Military Appreciation offer or College Grad Program. When you’re thinking about trading in a financed car, turn to the trusted team at Klamath Falls Honda.

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