Trade in a Financed Car for Lease

When you are looking for a new car in Houston, but yours is financed, you can absolutely get a new vehicle. However, the loan on the vehicle doesn’t go away. When you trade in your financed car you will have to pay off the balance. Learn about your options with our finance center at Big Star Chrysler Jeep Dodge Ram Fiat Clear Lake.

Can You Trade In a Financed Car?

1. The first thing you need to do is figure out the remaining balance on your loan. 
2. You can get your estimate from a service like Kelley Blue Book on the value of your current vehicle. A full inspection with the dealership will give you a more accurate pricing of your vehicle. 
3. In the case that your auto loan is less than the trade in offer, you will have money leftover to purchase a new vehicle.
1. If you still owe $8,000 on your car, and the dealer offers you $9,000 to buy the car, the loan can be paid off and you’ll have $1,000 to contribute towards your next car. 
4. If the balance is more than the trade-in offer, you will have negative equity, meaning you still owe on your car. This can roll over to the next loan, or you can pay off this loan before you buy your next car.

What Does it Mean to Roll Over a Loan?

Rolling over a loan means that the price of your old loan will be added on to your new car loan. You pay off the loan at the same time as you pay off the loan of the vehicle. 

Come to Big Star Chrysler Jeep Dodge Ram Fiat Clear Lake for Your Next Vehicle!

When you want to trade in your financed car and start driving around Pearland with your brand new car. Look into our specials and apply for financing online to get yourself driving in no time.