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Can you trade in a financed car? Yes, you sure can! However, the current loan on your vehicle is still due even though you trade-in your car. Therefore, trading in a financed car is doable, but you are responsible for continuing payments on your car loan.
So, how does trading in a financed car work? At Chevrolet GMC Of Fairbanks near Fort Wainwright, we will explain how trading in a financed car works. We also go over how to trade in a financed car for a lease. We cover all the bases, so you feel well-informed about your trade-in. Contact us to set up an appointment.
Here is what you need to know when trading in a financed car:
Trading in a financed car before you have finished paying off your balance does not mean you cannot get a new car. Instead, the remainder of your loan would “roll over” to your new auto loan monthly payments. However, that can only happen if the dealership agrees to pay off your current loan from the lender, and therefore you pay the dealership back over time.
The same would happen if you chose to trade in a financed car for a leased vehicle. Your payments will increase monthly. The amount you owe for trading in a financed car for a lease depends on what you still owe. However, it may be a little harder to get a loan with bad credit or if your remainder is still high on your current auto loan. If either of these is your situation, you will want to build your credit up to avoid high interest rates and pay down some of your loans before trading in your vehicle.
Find out more on how you can trade in a financed car from our finance team. At Chevrolet GMC Of Fairbanks, we are here to help you get behind the wheel of a new car even if you have an auto loan. Use our monthly car payment calculator as a guide to set a budget. Take a look at our new vehicle specials near Fort Wainwright and Eielson Airforce Base, and then view our new vehicle inventory to drive a car, SUV, or truck that you love!
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