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12420 NE 85th St, Kirkland, WA, 98033

Can You Trade In a Financed Car?

Happy driver in his newly purchased car

 

Can you trade in a financed car in Redmond? Yes! But, trading in a financed car has a few caveats that are important to keep in mind before you get started. If you’re curious about the process, Honda of Kirkland is here to shed some light on trading in a financed car. Get the basics below, and feel free to contact us with any questions.

How Does Trading In a Financed Car Work?

So, how does trading in a financed car work in Woodinville? The most important thing to remember is that you’ll still need to pay off the balance of your loan. Take a look at how to budget for the trade in process.

  • If you have a monthly statement handy, the remaining balance will be listed for your convenience. You can also contact the dealership for assistance.
  • Use a Value Your Trade tool to estimate the current value of your vehicle. Keep in mind that this is just a guess, and the true value will be determined during a more in-depth inspection.
  • If the amount left on your auto loan is less than your trade in offer, you can use the extra money toward the cost of your new vehicle purchase. For example, if you owe $2,000 on your car and the dealer offers you $3,000, you’ll have $1,000 to purchase your new car.
  • If the amount left on your auto loan is more than your trade in offer, you have what is called “negative equity”. You can either pay off the remainder in full before buying the new vehicle or, or you can add the balance over to the next auto loan.

What Does “Rolling Over” A Loan Mean?

When trading in a financed car, you have the option for “rolling over” a loan at some dealerships in Seattle. This means that no matter how much you owe on your old loan, you can simply add it to the new loan – or roll it over. This means that you’ll need to pay off both the old loan and the new loan at the same time, so be sure to think carefully about your options – and chat with our finance experts if you need advice!

Find Out More with Honda of Kirkland

Whether you want to trade in a financed car for lease or shop for a brand new SUV, the team at Honda of Kirkland can help you find the car that you want at the price that you want. Contact us for more information about buying your next vehicle, and stop by Kirkland to peruse our new inventory up close!

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