Can you trade-in a financed car if you haven’t yet paid off the loan? Yes, you can—but doing so won’t absolve you of your responsibility to repay the remaining balance. For the best experience, you should be sure that your vehicle is currently worth more than what you owe! If your vehicle is worth less than what you owe, you’ll need to make a decision about how to deal with that negative equity, and we’ve laid out everything you need to know.
You might have an idea of how to trade-in a car that’s been paid off, but how does trading in a financed car work? Most of the steps are very similar; however, there are a few unique points to keep in mind:
Although many Westport-area drivers trade in their financed cars in order to purchase a new vehicle, you might also decide to trade-in your financed car for a lease. The same limitations apply, but rolling over your remaining balance is usually still an option.
If the dealership offers to pay off your old balance and roll it onto a new loan, you should be prepared to make a more significant monthly payment. Rolling over is the process of combining an old loan balance with a new one. It saves you the trouble of having to make two payments every month; however, the one remaining payment that you have to make will be higher.
We’d love to buy your used car, even if you’re still paying off your loan! Our dealership is easy to reach from anywhere near Fairfield or Stamford, and we want to make sure that you get every penny that your vehicle is worth.
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