Can You Trade in a Financed Car?

car salesman assisting woman in vehicle

Trading in a financed car is a question on many people’s minds as they think about their next car. If you’re asking “can you trade in a financed car?” The answer to that question is generally “you can,” but there’s a little more to it than simply walking into the dealership. At Deery Brothers Chrysler Dodge Jeep Ram we’re here to help you through the car buying process, from finding a new vehicle to making an affordable finance plan with our finance center. When you’re driving through Adel, you can rest easy knowing we’ve got your back.

How Does Trading in a Financed Car Work?

When you’re trading in a financed car in Urbandale, one big part of the equation is how much you owe on the car that you’re trading in. In cases where the value of the car exceeds the amount remaining on the loan, the dealership will pay off the full value of the loan and deduct any remaining value from the cost of the new car being sold. Think of it like this: If you owe $9,000 on your car and the dealership offers $11,000, your $9,000 loan will be paid off and the remaining $2,000 will go towards your new car loan.

Can I Trade a Car In For a Lease?

There is also the question of trading in a financed car for a lease. You can trade a financed car in for a lease in West Des Moines with one extra step going into the process. When you owe money on your old car, you are still on the hook for what you owe, so if you owe more on your financed car than the trade is worth, you will either have to finance that remaining value or apply it to your lease payments.

Let Deery Brothers Chrysler Dodge Jeep Ram Help You

Deery Brothers Chrysler Dodge Jeep Ram is your one stop shop for all information and services regarding your new Chrysler, Dodge, Jeep, or Ram. We can help with everything from new brake pads to our new vehicle offers. If you live in the greater Waukee area, our expertise is just what you need to get you into a new car. If you have any further questions,feel free to get in touch with us.

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