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!

More from Tom Gill Chevrolet

  • 2024 Chevy Equinox Trim Levels

      Cincinnati, OH drivers love the Chevy Equinox for its effortless maneuverability and cozy interior among many other features. Compare the Chevy Equinox models and features with Tom Gill Chevrolet to see which option is the best fit for you.  Chevy Equinox InventoryChevrolet Research Chevy Equinox Trim Levels by Price For 2024, there are four different Chevy Equinox…

  • 2024 Chevy Silverado HD Specs

      When you need a truck that can work miracles at your Cincinnati, OH jobsite, you need a Chevy Silverado HD truck. This line of heavy-duty trucks includes the Chevy Silverado 2500 HD and Chevy Silverado 3500 HD trucks. Take a moment to learn about the key specs for their engine options, including the Chevy Silverado…

  • 2024 Chevrolet Malibu Trim Levels

      The new Chevy Malibu is a phenomenal option for Cincinnati, OH commuters or for shoppers who want a sleek midsize car. If you’re interested in one, you might be wondering, “How much does a Chevy Malibu cost?” Well, it depends on which of the four trim levels you’re getting, but the entry-level model starts at…


Tom Gill Chevrolet 39.00352, -84.64447.