Can You Trade in a Financed Car?

Have you ever asked, “Can you trade in a financed car?” The answer is yes! If you’re trading in a financed car in Pooler you’re probably also asking, “How does trading in a financed car work?” The finance department at Savannah Toyota will gladly explain trading in a financed car, trade-in a financed car for lease, and more.

How Can You Trade in a Financed Car? 

How does trading in a financed car work? First of all, let’s look at the reasons why Bluffton drivers might be trading in a financed car: 

• Your commute has increased and you want a car with incredible gas mileage, like a Toyota Prius or RAV4 Hybrid.
• Your current car payments are too high and you’d like a less expensive car. 
• Your family has grown and you need to upgrade to something with more seating, like a Toyota Sienna minivan. 

Can You Trade in a Financed Car by Rolling Over the Loan? 

Whatever the reason you’re asking, “How does trading in a financed car work?” here’s how Hilton Head drivers can make it happen: 

• If you still owe money to the lender on the car you’re trading, you have to pay off that debt. 
• If you owe more on your car than it’s worth, the dealership may give you enough to pay off the loan when they purchase your vehicle from you. This is called an “upside-down loan.”
• If you owe more on your car than is worth, the dealership may offer to “pay off” what you owe. This is called “rolling over” a loan. The amount the dealership pays will be tacked onto the price of your new car. 

Can You Trade in a Financed Car for a Lease?

Has anyone ever asked, “Can you trade in a financed car for a lease?” It’s been asked, but it doesn’t happen very often. For starters, make sure that leasing works better than buying for you. If you’re in an upside-down auto loan and you need something more affordable in Chatham County, leasing might be a good idea. The balance of your financed car will be figured into your lease deal. Check out lease specials for more savings.

Learn More About Auto Financing with Savannah Toyota

Now that you know how to trade in a financed car, learn more about auto financing with Savannah Toyota’s car buying tips!