Can you trade in a financed car? The short answer is yes. But the more involved question is, “How does trading in a financed car work?” It’s more complicated than just trading in a car, and there are a few stipulations to keep in mind for trading in a financed car. But it is possible for Cincinnati, OH drivers, and Tom Gill Chevrolet can help.
Now knowing that trading in a car is possible, you might still be asking how trading in a financed car works. Trading in a financed car can be a smooth transition if the remaining amount you owe is less than what your vehicle is worth.
Consider this:
But what if your car’s value is less than the remainder of your loan? You might need to roll over your loan into a new car loan.
Rolling over a loan means that the independent dealer you’re working with will pay off the remainder of your current loan. Keep in mind, that amount doesn’t go away; the money is added onto the new car loan. Even though you do pay the amount in full eventually, this can still be a great way to find a new car that fits your current needs in Florence.
If you’d like to have more information on trading in a financed car, or considering trading in a financed car for a lease, contact us! Our finance team is committed to helping you find the best possible deal. Tom Gill Chevrolet is looking forward to helping you find your next vehicle!