Get Directions

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!

More from Honda of Kirkland

  • 2023 Honda Civic Type R Specifications

    If you appreciate the seamless ride and features that come along with Honda’s signature sedan like the Honda Civic, then you can elevate to a sportier option with the new upcoming 2023 Honda Civic Type R. While a 2023 Civic Type R release date has yet to be announced, there are a few exciting tidbits…

  • 2024 Honda Prologue Preview

    Many drivers have opted to upgrade to a more fuel-efficient ride for their Redmond commute, and there’s sure to be a new contender at the top of your list with the release of the anticipated new 2024 Honda Prologue EV. This all-electric Honda SUV provides the enhanced fuel savings you’re looking for in a sportier…

  • 2022 Honda CR-V Interior

    The Honda CR-V has had stellar consumer popularity over the years. This is due in part to its practical interior, but also the amazing amenities. We’ll let you guess which category the new 2022 Honda CR-V falls into, at least for all of us here at Honda of Kirkland. When you are looking to determine whether the…

Contact Us
Honda of Kirkland 47.6798067, -122.1753462.