Can You Trade In a Financed Car?

car salesman selling car to buyer

Our customers often ask us “how does trading in a financed car work?” or “can you even trade in a financed car at all?” The answer to both questions is yes, but there are some important details you should know if you’re considering upgrading a vehicle you’re still paying off. With that in mind, here’s everything you should know. Read on to learn more about our trade-in process, or simply contact us at Sayer Chrysler Dodge Jeep Ram with additional questions. Got a trade but don’t know what to fix? We’ve got a handy guide waiting for you.

How Does Trading In a Financed Car Work?

There are several different scenarios that can happen when trading in a financed car. These are the most common:

  • Equity Payout: If you owe less on your car than it’s worth, we’ll pay for the value of your loan, and any additional equity will be paid out to you or applied against your new vehicle lease or loan. 
  • Loan Rollover: If you’ve ever heard a dealer in Blackfoot say they’ll pay your loan, no matter the amount, this is what they’re likely referring to. In a nutshell, a loan rollover adds the amount of your old loan to your new vehicle loan or lease. 
  • Trade-In With Negative Equity: Even if you owe more than your car is worth, you can still trade it in. If you do, though, you’ll have to continue making payments on it, in addition to the new lease or loan payments you make.

Why Trade In Your Financed Car?

We work hard to make the process of trading in any vehicle in Pocatello, financed or not, simple for you. For starters, our online credit application makes getting approved for an auto loan or lease quick and hassle-free. Many of our customers trade in old vehicles, even if they’re financed, because our brand-new CDJR vehicles feature the latest technologies, life-saving safety features, and amenities, not to mention efficient performance.

Learn About All Your Financing Options at Sayer Chrysler Dodge Jeep Ram

If you’re looking to trade in a vehicle you’re still paying off, whether you want to trade in a financed car for a lease or trade in a financed car for a new car loan, we’ve got you covered! Unlike some dealers in the Idaho Falls area, we offer buy here pay here financing among other flexible financing options.

Contact Us to Value Your Trade

Curious to see if your trade is worth more than the payments you’re making? Contact us at Sayer Chrysler Dodge Jeep Ram for assistance valuing your trade and trading in your financed car. We look forward to assisting you with your automotive financing needs. 

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