Can You Trade In a Financed Car?

Yes, you can trade in a financed car, but remember that the auto loan doesn’t go away when you trade in the vehicle; you must pay off that balance. Learn about your options for trading in a financed car with a loan balance with the finance experts at Jaguar Kansas City. Feel free to contact us if you have any questions about financing your vehicle in the Wichita area.

How Does Trading In a Financed Car Work?

  1. See what the remaining balance on your loan is. You can find this amount listed on your monthly statement.
  2. Use our Value Your Trade tool to estimate your current vehicle’s value. Remember, this is simply an estimate, and you won’t know your vehicle’s worth until it gets physically inspected by the dealership.
  3. If the remaining amount of your auto loan is less than the trade-in offer, you’ll have money left to put towards buying a new or pre-owned car from the dealer. So, if you owe $7,000 on your loan and you’re offered $8,000, you can put that $1,000 towards your next purchase.
  4. If the remaining balance of your auto loan is higher than the trade-in offer, then you still owe on your car, and this is called negative equity. You do have options! You can pay off the full remainder or roll over the balance into your next loan.

What Does “Rolling Over” A Loan Mean?

Rolling over your loan means the dealership is paying off the old loan, but the price gets added to your new loan on your next vehicle. This means you’re paying the dealership back for the old one while you’re paying off the new car.

Find Your Next Vehicle at Jaguar Kansas City!

When it’s time to trade in a financed car for a lease or to purchase your next new Jaguar vehicle, check out our current vehicle specials. Trust Jaguar Kansas City for all of your automotive needs and car buying tips to help prepare for your next purchase. We want to buy your car, so contact us to get things started today!

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