If you live around Deer Park and are curious if you can trade in a financed car, the answer is yes, but there are some things to consider. Do you have a loan on your current car and are planning to trade it in? That's okay, but you have to pay off the remaining balance of your current car loan. Bayway CDJR in Pasadena is happy to answer all of your car financing questions and help you through the process of financing a vehicle. We'll help you get a fair value on your trade-in and explain all of your options like how to trade in a financed car for a lease, and the difference between financing with a dealership or a bank.

How Does Trading In a Financed Car Work?

Trading in a financed car in La Porte is easy. If your remaining amount owed on your current car loan is less than the value of your vehicle, Bayway CDJR gives you enough money to pay off the remainder of the loan and then sends over the funds to the holder of your current loan. For example, if you owe $9,000 on your car, and the dealership offers you $8,000 on it, the loan will be paid off and the car title is transferred to the dealership. The remaining $1,000 on your loan will then be applied to the down payment of your new car. In short, the answer to "Can you trade in a financed car?" is yes, and you may even get some money to pay off the remainder of your loan too. 

What Does Being "Upside-Down" in a Car Loan Mean?

Sometimes you owe more on your automobile than the car is worth. For example, maybe your used Chrysler is worth $12,000, but you still owe $13,000. In this case, you're "upside-down" in your car and that extra $1,000 will be added to the balance of your new loan. That is what is meant by "rolling over" a car loan. When you trade in a financed car for a lease, you'll have more options than if you buy the car outright. See if buying or leasing is a better option for you.

Trading in a Financed Car at Bayway CDJR is Easy!

Houston drivers don't have to wait to pay off their current car before shopping for a new one. If you're ready to get behind the wheel of a new Dodge or Jeep and trade in your financed car, visit Bayway CDJR today! Our experienced finance team will treat you with respect and make sure you get a fair price for your trade-in. You can check out our online payment estimator to see what your new payment might be. Then, come find the vehicle of your dreams at Bayway CDJR. Did we answer your question of "Can you trade in a financed car?" or "How does trading in a financed car work?" If you have specific questions, contact us today!