Can You Trade in a Financed Car?

Person signing a contract

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.

How Does Trading in a Financed Car Work?

Now knowing that trading in a car is possible, you might still be asking how does trading in a financed car work? 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:

  • Imagine you owe $9,000 and the dealership offers you $10,000.
  • With that amount, your car would be paid off and you’d have $1000 to put towards your next new vehicle.
  • If you have a model in mind, our trade-in value tool will allow you to see if trading in your financed car would be smart financially.
  • We also offer competitive lease rates, if you wanted to trade in a financed car for a lease.

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.

cars key calculator

What Does it Mean to “Roll Over” a Loan?

Rolling over a loan means that the Independence 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.

Visit Tom Gill Chevrolet for All Your Financing Needs!

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!

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