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Can You Trade In a Financed Car?

Wondering whether you can trade in a financed car? The answer is yes you can, but you’ll still be on the hook for any amount remaining on your initial loan. If you want to trade in a vehicle you’re still making payments on, you should definitely review the financed vehicle trade-in process before you start. If you have questions or would like more information, the experts in the Patty Peck Honda finance center can help.

How Does Trading In a Financed Car Work?

Often the value of your trade-in will be enough to pay off whatever remains on your loan. For example, if you owe $7,000 on your car, and the dealer offers you $8,000 for it, the loan can be paid off and the car transferred to the dealership buying the car. The remaining $1,000 can then be applied to the purchase of a new vehicle.

What Does “Rolling Over” A Loan Mean?

When a dealer offers to pay off your previous car loan, it is referred to as “rolling over” a loan. What actually happens, is that the amount owed on your original loan is added to your new loan. Essentially, when you roll-over a loan, your payments will both pay back the dealership and your current loan at the same time. This is not necessarily the most cost-effective solution for most Madison area drivers.

What is Your Vehicle’s Trade-In Value?

There are a number of online sources you can turn to if you’re trying to determine how much your car is worth. Here at Patty Peck Honda, we offer a quick and easy online value your trade tool. You can avoid the tiresome research by simply entering the required information about your car, and in less than a minute you’ll have the fair market value. Bring this information with you when you visit our dealership in Ridgeland and we’ll finalize the deal.

Visit Patty Peck Honda Today!

Our finance team is always ready to help you learn more about the auto financing and lease process, including explaining what a lease buyout is, and providing advice on what to do if you can’t make your car payments. Whether you wish to buy or lease, or want information about a credit-repair car loan, you can count on us. If you have any questions, please feel free to contact us.

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555 Sunnybrook Rd • Ridgeland, MS 39157

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Patty Peck Honda 32.4439005, -90.14299.