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Yes, trading in a financed car before the loan term has ended is possible. However, Akron drivers should know that the remaining balance will still need to be paid. Usually, it is added to the principal of a new loan. Learn more about how trading in a financed caf works at Toyota of North Canton in the guide below, and don’t hesitate to get in touch with our finance center if there’s anything else you need to know about auto loan interest rates, auto leasing, credit score, and more.
How should you move forward after deciding that trading in a financed car is the right choice? The first thing you’ll need to do is find out how much you still owe on your loan. You can find the latest figure on your current monthly statement.
Next, you need to know how much your financed car is worth. The exact value of your car can only be determined at an official appraisal, but you can get a very close Kelley Blue Book value estimate in just a few minutes with our online tool.
If your car is worth more than what you still owe on it, then you’ll have money left over to spend on your next vehicle. This is the best-case scenario for trading in a financed car since the process will be pretty straightforward. Say you still owe $7,000 on your car loan, and the dealer offers you $8,000 for it. You can then pay off your loan in full—and put the extra $1,000 toward the down payment on your next car.
How does trading in a financed car work if you owe more on your loan than the car is currently worth? This is known as being “underwater” on your loan or having negative equity, and while it does make a trade-in more difficult, doing so is still an option for most of our customers in Massillon. We recommend looking for ways to enable a monthly payment that’s lower than what you’re paying right now. For example, you could trade in a financed car for a lease or select a less-expensive car or a pre-owned model.
Usually, trading in a financed car when you’re underwater on your loan means setting up a loan rollover. Your dealership will buy your car from you and use its value to pay off the loan. But because you have negative equity, the car’s trade-in value won’t fully cover the amount you still owe. The difference will be added to your new loan. Our team is happy to sit down with you to go over the pros and cons of loan rollers in detail so that you can be sure it’s right for you before moving forward.
Questions about whether you can trade in a financed car with your current loan? Contact us to speak with an experienced auto finance professional about how trading in a financed car works in a variety of circumstances. Take advantage of our new vehicle deals so that trading in a financed car is as affordable as it can be in Canton!
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