Can You Trade In a Financed Car?

When you want that new Chevrolet model for your Tri-Cities drives but you haven’t fully paid off the loan on your financed car yet, you may ask, “Can you trade-in a financed car?” Well, the answer is yes! You’ll still have to pay off the balance on your loan, but you can learn more about how trading in a financed car works from the Camp Chevrolet finance center. Contact us if you’re also wondering about how to trade in a financed car for a lease.

How Does Trading In a Financed Car Work?

Any Spokane Valley-area resident can learn the answer to “how does trading in a financed car work?” All you need to do is follow these steps:

1. Calculate the remaining balance on your loan. Usually, you can find it on your monthly loan statement.
2. Get an estimate on the value of your current vehicle. Our Value Your Trade tool or a tool from a service like Kelley Blue Book can be extremely helpful. This estimate can help our experts calculate the actual worth of your vehicle when they physically inspect it.
3. Bring your vehicle into our dealership in Spokane and have one of our experts assess your vehicle’s value.
4. Subtract the remaining amount of your auto loan from the value of your vehicle.
5. If the result is positive, you’ll be able to use leftover money from trading-in your vehicle to purchase a new car from the dealer.
6. If the result is negative, then you’ll still owe money on your loan, even if you trade-in your car. However, you sometimes have the option of rolling over the balance onto your next auto loan with the dealer.

What Does it Mean to “Roll Over” A Loan?

Now you know the answers to, “Can you trade in a financed car?” and “How does trading in a financed car work?” but, what does it mean to “roll over” a loan? Like we mentioned above, sometimes when you trade-in your financed car, that value won’t cover the full amount of what’s left on your loan.

Some Post Falls-area dealerships will allow you to “roll over” your loan. This means that they’ll add what remains of your previous loan to the loan for your next vehicle. If you trade in a financed car for a lease, it may work differently. Contact us to find out more.

Camp Chevrolet Can Finance Your Next Vehicle

Whether you’re looking for a new or used vehicle to drive around Spokane, Camp Chevrolet can help you finance your next vehicle. Check out our new vehicle specials and used vehicle specials to see what we offer. Then, apply for financing online to get started!