Trading in a Financed Car

Wondering how does trading in a financed car work? Trading in a financed car is entirely possible. The process might be unfamiliar and there are a few stipulations to keep in mind for trading in a financed car, but it is possible for Gardendale drivers to do, as well as trade-in a financed car for a lease. To do this, drivers must pay off the remaining balance of the current car loan. Unfortunately, trading in a financed car does not eliminate the car debt.

Another option to consider, for those trying to stay within a strict budget, is to trade in a financed car for lease. Also, Hoover drivers can roll over a car loan before trading in a financed car, or obtaining a lease. Trading in a financed car can be confusing, so Edwards Chevrolet Co., Inc. has created this guide to help you navigate your way through the process.

How Does Trading in a Financed Car Work?

Now knowing that trading in a car is possible, you might still be asking how does trading in a financed car work? Trading in a financed car can be a smooth transition if the remaining amount you owe is less than what your vehicle is worth.

Consider this: Imagine you owe $9,000 and the dealership offers you $10,000. With that amount, your car would be paid off and you’d have $1000 to put towards your next new vehicle. If you have a model in mind, our value your trade-in tool will allow you to see if trading in your financed car would be smart financially. And we also offer competitive lease rates, if you wanted to trade in a financed car for a lease.

Trade-in a Financed Car for a Lease

If you decide that a lease would be preferable, our Bessemer dealer can work with you to allow you to trade in a finance car for a lease. Leasing typically offers lower monthly payments and there’s no stress at the end of the lease term on trading in your vehicle. There are two main items to determine before choosing to trade in a financed car for a lease:

• Find out your vehicle’s worth – there are many online tools available
• Find out how much your payoff is – contact your lender and ask them for the remaining amount on your loan

Contact the Edwards Chevrolet Co., Inc. Finance Team Today!

If you’d like more information on how does trading in a financed car works or are considering trading in a financed car for a lease, contact us in Birmingham! Our finance team is committed to helping answer your questions, including if you should buy or lease. Edwards Chevrolet Co., Inc. is looking forward to helping you find your next vehicle! New to car buying? Learn how to finance a car today!