Can You Trade in a Financed Car?

Couple Going Over Car Finance Documents

Do you have a vehicle that you’re currently making payments on but no longer want? You may be wondering, “Can you trade in a financed car?” The answer is yes — you can trade in your car at our finance center near Spokane! It’s important to note, however, that just because you trade in the car doesn’t mean the auto loan disappears. You’ll still be responsible for repaying what you owe. Read on to learn more about trading in a financed car and what to consider. 

Trading in a Financed Car: How-To Guide 

Before you in the car and head to our dealership, take the following steps to ensure you’re making the right choice for you:

  1. Figure out how much you still owe on your loan. You can easily find the amount listed on your monthly statement.
  2. Use our value your trade-in tool to get an estimate of your car’s value. Keep in mind that this is an estimate, and is subject to change once we complete a full inspection of the vehicle. 
  3. If the trade-in offer on your car is greater than you amount you still owe on your auto loan, you’ll have additional funds to put toward the purchase of another vehicle. 
    • If you still owe $8,000 on your car, for example, and the trade-in offer you receive is for $9,000, you can pay off the remaining loan balance and put $1,000 toward another vehicle. 
  4. If the remaining balance is less than the trade-in offer, you’ll still owe money on your loan. This is called negative equity. In other words, the amount you owe on the vehicle is greater than its worth.

Trading in a Financed Car: “Rolling Over” a Loan 

How does trading in a financed car work when you have negative equity? One option is to roll over your existing car loan. What does this mean, exactly? When you roll over a loan, the dealership agrees to pay off your current loan, regardless of the remaining balance. This allows you to trade in the vehicle you no longer want. The amount the dealer repays gets rolled over into a brand-new loan for another vehicle. Either way, you’re paying what you owe on your current car loan. 

Car Shop with the Team at ClickIt Auto and RV Wandermere! 

Whether you’re interested in trading in a financed car for a used RV, or you need a larger vehicle for your growing family, ClickIt Auto and RV Wandermere can help! Contact us to learn more about our used inventory and used car specials. You’re also welcome to pay us a visit near Coeur d'Alene, ID and Spokane Valley to take a few test drivers and meet our friendly finance team in person!

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ClickIt Auto and RV Wandermere 47.767522, -117.405806.