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Many Camden residents visit our dealership to talk with our financial experts, and one of the most common questions is “Can you trade in a financed car?” The short answer is yes, but the real explanation requires a bit more discussion. Your loan isn’t forgiven just because you trade in your car. In fact, you’ll still need to pay off the remaining balance.
So, what do you need to know to complete your deal? We’ve assembled a guide to walk you through the process, step by step. Learn all about the ins and outs of financing, and contact us with any questions!
Generally speaking, you trade in your vehicle to get a better deal on a new car. The value of your old car is usually removed from the price of the new car, but things get trickier when your vehicle is not yet paid off. If the remaining amount that you owe is less than the value of the vehicle itself, the dealership will give you enough to pay off the loan that remains.
For example, let’s say you owe $4,000 on your car. The dealership will offer $5,000 to pay off the loan while getting the ownership rights. This ensures that your loose ends are tied up before signing the paperwork.
“Rolling over a loan” refers to the dealership accepting the remainder of your old loan. While you can usually roll over the loan, the remainder of your loan will probably be added to the price tag of your new car. So, you’ll still end up paying the remainder of the loan. You’ll just pay the dealership instead of the old lender.
It’s not always easy to find expert auto financing assistance in the Edenton and Hertford area, but luckily, Carolina Chrysler Dodge Jeep Ram is here to help. Our finance team consists of some of the best in the business, and they can help you find a solution to any financing troubles that you may have.
Just swing by the dealership to speak with a representative and feel free to apply for financing ahead of time. You can even preview our new vehicle specials if you want to start narrowing down your dream car list.
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