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.
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!