Can you trade in a financed car? The answer is yes! However, the loan on your current vehicle does not disappear just because you traded it in; You still have to pay the remaining balance.
Learn more about how a financed car trade-in works with Wesley Chapel Toyota, then browse our new car inventory to find a new sedan, truck or SUV for your trip to St. Pete.
You can also read our other car buying tips to learn more about what makes good fuel economy for a used vehicle.
How does trading in a financed car work?
Now that you know you can trade in a financed car, you’re probably wondering, “How does trading in a financed car work?” Read our steps for trading in a financed car below:
1. Determine the remaining balance of your loan. This will usually be reflected on your monthly statement.
2. Use our Value Your Trade tool or a tool from a service like Kelley Blue Book to get an estimate of your current vehicle’s value.
- Please note that this is only an estimate and the dealer can only determine the value of the vehicle after a physical inspection of the vehicle.
3. If the remaining balance on your car loan is less than the dealer’s trade-in offer, you will have money left over to use to purchase a new car from the dealer.
you have $1,000 to put toward your next car to contribute.
4. If the remaining balance on your car loan is more than the trade-in offer, you still owe money on your car – this is called negative equity.
You can pay off the balance in full before buying your next car or roll the balance over to your next car loan at the dealership.
You won’t get an official quote for your vehicle until we can evaluate it in person at the dealership, but the estimate you get online should be reliable for a rough estimate.
Now that you know how much you owe on your vehicle and its resale value, it’s time to make a decision.
If your vehicle’s trade-in value is more than your remaining balance on the car loan, you get the difference that you can use to lease or finance a new vehicle.
If you owe more than the vehicle is worth, you have what is called negative equity.
This means that the sale of your vehicle will not cover the amount you owe, so you will still have to make payments to the lender.
However, some dealers are willing to transfer the remaining balance on your current vehicle to your new car loan. It works the same way if you want to exchange a financed car for a lease.
A loan extension adds your current car loan to your new loan and you pay the lender for your new car on both loans at the same time.
Trust Lexus of Tampa Bay for your next vehicle trade in a financed car?
Now that you know how a financed car trade-in works,Can you trade in a financed car? if you’re ready to trade in your vehicle for a new Lexus,https: you can get a certified quote for your used vehicle on our website in minutes.
You can also apply for financing online and be approved for a new Lexus in minutes.
5.
What is “extending a loan”?
When you renew a loan on a vehicle near Tampa,Can you trade in a financed car? the dealer says they will pay off your old vehicle loan regardless of how much you owe.
The price of your old loan will be added to your new loan the next time you buy a vehicle, i.e. h. You repay your old loan and your new loan to the dealer at the same time.
Buy a new Toyota at Wesley Chapel Toyota
If you’re ready to trade in a finance car for a lease or get behind the wheel of a new Toyota model, come into our showroom in Wesley Chapel!
Our friendly staff will help you find the right car for your daily commute and help you save on your purchase with our new Toyota specials.
You can also read our other car buying tips to learn more about the car buying process. Apply for financing to buy a new Toyota today!
Be Underline Honda of Willa Willa when it comes to cars
Now that you know the trade-in process and planning, you can sell your vehicle like a pro! Work with Underriner Honda of Willa Willa to quickly get a modernized driving experience.
Check out our new vehicle deals when it’s time to save big on your College Place upgrade.. Are you ready to learn more? Learn more about selling your car to a dealer with our team!
Bob Moore Auto Group: Your financial people trade in a financed car?
If you have money questions and are thinking about buying a car, the people you want to talk to are here at Bob Moore Auto Group. We have staff who know how to guide you through the car financing process.
We finance practically everyone. So if you want to start a conversation, it’s time to fill out our contact form.
If you’re interested in learning more about the trade-in process and getting your car traded in, you can trust our dealership team to give you the answers. Stop by today!
Can you exchange a financed car for a lease?
Can you exchange a financed car for a lease? Yes, we have helped many of our Johns Creek clients do just that.
Typically, the dealer takes your loan and applies your positive equity toward the lease payment. If you owe more than the car is worth, this negative equity can be added to your lease, increasing your payments.
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