Can You Trade in a Financed Car?

Woman shaking mans hand over a car contract clipboard with car keys

 

At Acura of Limerick, it is possible to trade in a car that is still being financed. Even with an outstanding balance, can you trade in a financed car? Yes, trading in a financed car opens up new possibilities for upgrading your ride. This approach involves settling any existing loan on your vehicle, but it’s a straightforward process with our expert guidance. If you’re contemplating how trading in a financed car works in Philadelphia, our finance center in Limerick will provide you with all the necessary information.

How Does Trading In a Financed Car Work?

Understanding how trading in a financed car works involves a few key steps:

  1. Check Your Loan Balance: Look at your latest monthly statement to determine how much you owe.
  2. Estimate Your Car’s Value: Utilize our website’s “Value Your Trade” tool or services like Kelley Blue Book for a preliminary vehicle valuation. Remember, this is an estimate, and the final value will be determined after a thorough inspection by our dealership.
  3. Comparing Loan Balance with Trade-In Offer: If the trade-in offer exceeds your loan balance, the excess funds can be applied toward the option to trade in a financed car for a lease or purchase your next vehicle from us.
  • For instance, if your current car loan balance in West Chester is $7,000, and we offer $8,000 for your car, your loan is cleared with an additional $1,000 going towards your next vehicle, making it easier to trade in a financed car for a lease.
  1. Should your vehicle’s loan balance surpass the trade-in value, resulting in negative equity, you still owe on the loan. This amount can be paid off in full before moving forward or potentially rolled into the financing of your next vehicle with us, providing a seamless transition to trade in a financed car for a lease.

Understanding Loan Rollover When Trading in a Financed Car

When considering trading in a financed car, it’s important to understand what rolling over a loan entails. This process involves transferring the remaining balance of your current loan to the new loan on your next vehicle. While it may seem convenient for those looking to trade in a financed car for a lease, knowing the long-term financial implications is essential.

Trade-In Your Vehicle at Acura of Limerick

If you’re pondering whether can you trade in a financed car for something new or a lease, Acura of Limerick is here to help. Our team in Limerick offers competitive trade-in values and expert advice on how trading in a financed car works, making it easier for you to move forward with your next vehicle purchase in Harleysville. Apply for financing online and take the first step towards trading in your financed car.

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