Are you ready to get your hands on another car in Myrtle Beach, SC but your current one is paid off? Do you have questions about how to trade in a car that’s not paid off? Don’t worry, because Victory Chrysler Dodge Jeep Ram wants you to know that you can generally trade in a car that’s not paid off. However, you should know that there are a few strings attached, like you needing to pay off the remaining balance on the initial car. Let’s get down to the details, and don’t forget, you can always chat with our finance experts to get a better grasp of the situation.
How Does Trading In a Financed Car Work?
Trading in a financed car in Conway, SC isn’t that hard. There are a couple of steps you will have to follow.
- Find out what the remaining balance is on your loan. It’s typically listed on your monthly financial statement.
- Use our trade valuation tool or one from a third party (such as Kelley Blue Book) to get an estimate on the value of your current vehicle. Please note, this is simply an estimate, and only once your vehicle has been physically inspected will you get a firm offer.
- If the remaining balance on your auto loan is less than the trade-in offer from the dealership, the money that’s leftover will go to the purchase price of the next car.
- If you owe more money than the trade-in value is worth, you’ll have to roll over your remaining balance to the next car loan.
What Does “Rolling Over” A Loan Mean?
Rolling over a loan is when the dealership claims they will pay off your old loan no matter how much you owe. Wilmington drivers should take note, though, that this is too good to be true. All this does is put the price onto your new loan on that next car, meaning you’re essentially just changing your financing partner to the new dealership. Being able to trade in a car that’s not paid off is one of the best reasons to trade-in at a dealership over selling privately.
Victory Chrysler Dodge Jeep Ram: Your Finance Hub
Ready to get behind the wheel of a new or new-to-you car? Look no further than Victory Chrysler Dodge Jeep Ram. We’ve got the expert insight you need to make an informed car-buying decision. Now that you know how to trade in a car that’s not paid off, just contact us today to get a conversation going!
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