How to Trade in a Car That’s Not Paid Off

If you’re considering trading in a financed car near Memphis, and you’re unsure of whether this is even a possibility, the answer is: yes! Trading in a financed car is relatively simple, but you’ll need to do some homework in order to determine whether it’s the right move for you. If you’re wondering, “How does trading in a financed car work?” or “Can I trade in a financed car for a lease?”, no worries. We’ll answer all of your questions, and if, after reading our guide, you’d like to take the next step with Victory Honda of Jackson, value your trade and reach out to our financiers for help!

How Does Trading In a Financed Car Work?

Now that you know that you can trade-in a financed car, let’s take a closer look at how to trade in a car that’s not paid off. The first step of trading in a financed is to:

1. Look at your last monthly statement and find the remaining balance on your current loan.
2. Then, use our trade-in calculator to find the current market rate for your vehicle given its model year, trim, add-on features, and condition. Bear in mind that you’ll need to take the car in to have it inspected before we give you a final offer.
3. Once you have your remaining balance and the value of your trade, if you find that remaining balance is less than the value for your trade, you can expect to walk away with a profit. If the remaining balance is more than the value of your trade, you’ll lose money by selling or trading in your vehicle. That said, if you’re eager to get into a new model near Dyersburg, we can facilitate.

What Does “Rolling Over” A Loan Mean?

This is when a Brownsville dealership says they pay off the remainder of your old loan in order to incentivize you to trade your financed car in for one theirs. This is too good to be true. They’re simply going to bury the remainder into your next loan, and then use the larger combined loan to get more interest out of you. At Victory Honda of Jackson, we will always uphold transparency and professionalism when doing business with you.

Have Questions About Trading in a Financed Car?

Now that you know about how trading in a financed car works, whether you can trade in a financed car for a lease, and whether you can trade in a financed car in the first place, call Victory Honda of Jackson for help. Our phone number is (731) 393-1042. We can answer any lingering questions that you have and facilitate the sale or trade of your current vehicle, making sure you get top dollar. If you’re considering trading it, take a moment to read our handy guide on the differences between buying and leasing.