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Can You Trade in a Financed Car?

The answer to “can you trade in a financed car?” is an emphatic yes! How does trading in a financed car work, though? It’s a simpler process than you might think, but you should keep in mind that just because you trade in a financed car for a lease or for another bought vehicle, your old loan doesn’t go away. Financing with South Houston Nissan is perfect for your busy Pearland life.

Trading in a Financed Car

Here’s a quick breakdown on trading in a financed car that should clear up a lot of the confusion.

  1. Find the remaining balance on your loan, which typically comes on your monthly statement.
  2. With our Value Your Trade tool or an outside resource like Kelley Blue Book, get an estimate on what your current car is worth. You should know that this is only an estimate; you won’t know your car’s true value until it’s inspected at the dealership.
  3. If the value of your Pasadena auto loan is less than the trade in offer from the dealership, you can apply the excess money toward purchasing that new car. For instance, if you still owe $5,000 but you get an offer for $7,000, that means you have $2,000 leftover to apply toward your next car.
  4. If the balance you have left on your auto loan is more than the trade in offer, you’ll still owe money on the car. This is called negative equity, and you can either pay off the remainder in full before buying your next Deer Park car or you can roll over the balance toward your next auto loan. Rolling over your loan can reduce the paperwork in paying off your car loan, making things a little bit more convenient for you.

South Houston Nissan Are Finance Experts

The money side of getting your next car doesn’t have to be an arduous process. You can trust the people at South Houston Nissan to help you apply for financing and get you into that next car no matter what your financial situation is. Our sales professionals are some of the most researched people around and can help you get a car that’s perfect for your tastes. Just contact us to learn more.

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South Houston Nissan 29.62556, -95.224951.