Can You Trade In a Financed Car?

Signing Finance Documents for Car

Trading in a financed car is definitely a possibility in Chilton. If you’re looking to save on payments for a new vehicle, trade-ins are an excellent option. But your balance doesn’t go away upon trade-in. For those asking, “How does trading in a financed car work?”, the finance center at Vande Hey Brantmeier covers all the moving parts involved in trading a financed car below. 

Trading in a Financed Car: Step-By-Step 

How exactly does trading in a financed car in Appleton or Green Bay work? With online tools to value your trade, the process of trading in a financed car can be simplified. But there are still important factors to keep in mind: 

  • Figure Out Your Balance: Figure out the remaining balance on your car loan for your current car. 
  • Value Your Trade and Calculate: Use the value-your-trade tool (note that this is only an estimate and you’ll need confirmation from a finance center) then subtract your loan balance from it.  You’ll be able to use your trade-in value to help pay off your new vehicle loan! 
  • Can you trade in a financed car with the a balance? If your loan amount is more than your trade-in value, you’ll have something called negative equity. In this case you may have two options: either paying the remaining balance before getting your new vehicle or rolling over the balance onto your next vehicle. 

Rolling Over a Loan and How to Trade-In a Financed Car for Lease

So, how does trading in a financed car work when your loan amount is higher than your trade-in value? This is called “Rolling Over” a loan. In cases like these, the dealer absorbs the old loan but adds that amount to the loan on your new car, so you’re still paying it back. 

Wondering if you can trade-in a financed car for lease vehicles? The answer is yes! Plus, leasing has many benefits, including potentially lower down-payments. This is because Manitowoc dealerships like ours are taking less of a risk with a lease, thanks to mileage limits and other contract terms. 

Explore Financing With Vande Hey Brantmeier  

Think you’d like to finance a new vehicle or trade-in a financed car for a new lease? At Vande Hey Brantmeier, we’ve gathered tons of resources to empower Chilton drivers and simplify the car-buying process. Read more car-buying tips on our website and contact us with any further questions about financing today!

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516 N Madison St • Chilton, WI 53014

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Vande Hey Brantmeier 44.0356816, -88.1622652.