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If you’re currently paying off a car in the Greensburg area but you want to trade it in for a new vehicle, you’re in luck! It’s absolutely possible to trade in a financed car for lease or purchase, but there are a few caveats to be aware of. For one thing, you’ll still be on the hook to pay off the remaining balance on your current vehicle after you’ve traded in. The finance team at Penske Honda has everything you need to know about the process of trading in a financed car in the guide below. So, if you find yourself asking “Can you trade in a financed car?” read on!
So, how does trading in a financed car work? It’s easier than you might think! Just follow these steps and you’ll be all set:
When trading in a financed car with negative equity, you have the option of rolling over your loan. When you roll over a loan, the dealership pays off the amount you owe on your old loan and adds that amount to the loan on your new vehicle. So, if you owed $2,000 on your trade-in and you owe $10,000 on your new vehicle, you’ll now owe a total of $12,000. This is a perfectly viable option for many drivers, but you should carefully consider your financial situation before making any decisions.
Now that we’ve answered the question “Can you trade in a financed car?” you might be ready to start looking for a new vehicle. If you want to trade in a financed car for lease or purchase in the Zionsville area, be sure to check out our online inventory to see what we have available! You can also contact us with any questions or for more information about trading in a financed car.
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