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Can You Trade In a Financed Car?

Can you trade in a financed car around Jackson or Point Pleasant? Yes, trading in a financed car is possible at Celebrity Ford of Toms River! But, there are a few considerations to keep in mind. While you can trade in your car for another model successfully, you will still be responsible for the balance of the vehicle. Luckily, our finance experts can help you make the transition seamlessly. Find out the answers to questions like, “How does trading in a financed car work?” and “What is rolling over a loan?”

 

 

How Does Trading In a Financed Car Work?

How does trading in a financed car work? Whether you trade in a financed car for a lease or another financed vehicle, we’ll go over the basic steps. 

  1. Find out how much you still owe on your balance. If you’re not sure, check your last monthly statement.
  2. Find out how much your car is currently worth. You can use resources like Kelley Blue Book or our trade-in valuation tool. While these are just estimates, it’s a good idea to get a rough ballpark figure before you start the trade-in process.
  3. Determine your equity. If your car’s value is more than you currently owe, you have positive equity. This means you can simply trade in your car, and you’re good to go. You’ll even have money leftover to put toward your new lease or loan.
  4. If your car’s value is less than you currently owe, this is called negative equity. You can either pay off the remaining balance before trading the car in, or you can “roll over” the loan.

What Does “Rolling Over” A Loan Mean?

Rolling over a loan is a multi-step process. First, the dealership will pay off the balance of your old loan. This enables you to end the old loan and get into a new car. Next, you’ll need to pay the dealership back. Essentially, you’ll pay off the balance of the old vehicle while also paying off the balance of the new vehicle. This can still be a good option, especially if you are downsizing to a less expensive vehicle. If you trade in a financed car for a lease or loan with a much lower monthly payment, this can help you get out of negative equity faster.

Learn More About Trading in a Financed Car in Toms River

So, can you trade in a financed car at Celebrity Ford of Toms River? Absolutely. Whether you want to trade in a financed car for a lease or just explore your financing options for the future, let the experts at Celebrity Ford of Toms River guide you through the process. 

You can learn more car-buying tips or apply for financing online. And if you run into any questions along the way, contact us. We’d be happy to explain how trading in a financed car can unlock new possibilities for the Lakewood roads ahead.

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360 Hwy 37 East, Toms River, NJ, 08753

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