Can You Trade In a Financed Car?

If you are in the market for a vehicle upgrade near Waxhaw but you’re still financing a current car, truck, or SUV, you may be wondering: Can you trade in a car you’re financing? The answer is a resounding yes! You can indeed trade in a financed car – just keep in mind that the loan on your vehicle doesn’t disappear when you trade it in and you would still need to pay off the balance.

There’s more options for trading in a financed car than you might think, and you’ll learn all about the ins and outs of the process when you read the guide below from Hendrick Chevrolet Monroe. We’ll also answer the question, “How soon can you trade in a financed car?” Don’t forget to reach out to us if you have any questions – we’re happy to help!

How Does Trading In a Financed Car Work?

1. First you’ll need to determine the remaining balance on your loan. It is typically listed on your monthly statement, and can be verified by calling your loan establishment.
2. Use something like our Value Your Trade tool to get an estimate on the value of the car you’re looking to trade in. You can also use a resource like Kelley Blue Book to do this step. (Keep in mind that this is just a sight-unseen estimate, and a dealership will want to inspect your vehicle more closely before making an offer to buy.)
3. If the remaining balance of your auto loan is less than the trade-in offer from the dealership, that means you’ll have some money left over that will go toward purchasing a new or pre-owned car.
4. On the other hand, if the balance of your auto loan is more than that of the trade-in offer, you’ll still need to take care of this negative equity. Sometimes this balance can be rolled into your new car loan — you can inquire about this with our finance department.

What Does “Rolling Over” A Loan Mean?

How soon can you trade in a financed car? If you’re asking yourself this question, you may be looking into rolling over your current auto loan. Rolling over a loan is what happens when a dealership like Hendrick Chevrolet Monroe agrees to finance the rest of your old loan along with the balance of the new car loan. In effect, you’re still paying for the old car over time, while getting into a new car at the same time!

Rely on Hendrick Chevrolet Monroe for Your Next Vehicle

Can you trade in a financed car for a lease? Yes! Can you get that balance rolled into the new loan? Yes! When you partner with the team at Hendrick Chevrolet Monroe, we work to exhaust every option for effective and safe financing — putting you that much closer to getting behind the wheel of a new ride for your Weddington commute! Make the quick drive from Matthews and visit our beautiful Monroe showroom today! Before you do, you can apply for financing online to get things started, and read more car-buying tips if you have additional questions.