Trading in a financed car is a simple process when you work with Advantage Chrysler Dodge Jeep RAM in Mt Dora, regardless of whether you are looking to trade in a financed for a lease, another loan, or simply for cash. So, how does training in a financed car work? Eustis drivers can read on to learn everything that they need to know. Then, once you’re ready to take the next step, use our trade-in calculator and contact us. 

How Does Trading In a Financed Car Work?

Now that you know that you can trade in a financed car, let’s take a look at the steps of trading in a financed car. If you’d like to trade in a financed car for a lease, you can still follow these steps. First, you’ll want to:

1. Take a look at your monthly statement and find the figure for the remaining balance on your current auto loan. 
2. Then, use our trade-in value tool to get an idea of what the average market value is for your car, given its condition, trim, add-ons, and model year. Remember, that this quote is an estimate, and we will need to verify your vehicle’s condition before we make an offer. 
3. If the remaining balance on your current loan is less than the trade-in offer you receive from the dealership, then you’ll have a profit that you can use to put money down towards your next vehicle. 
4. If you owe more than you’re offered for your trade-in, then you have “negative equity.” This means that it isn’t financially wise to trade in your vehicle, although, if you’re eager to change up your Tavares commute with a new car, we’re happy to assist. 

What Does “Rolling Over” A Loan Mean?

Now that you know that you can trade in a financed car and how trading in a financed car works, there’s one more thing to know about. If the remaining balance on your loan is more than the trade-in offer from a Leesburg dealership, that dealer may tell you that they’ll pay off your current loan in order to get you to trade in your car for another on their lot. Unfortunately, this is too good to be true. They’ll just bury the remaining balance in your next loan, and you use the higher balance to charge you more interest. At Advantage Chrysler Dodge Jeep RAM, we strive for transparency and professionalism and won’t do this with you. 

Trade in Your Financed Car for a Lease or Loan in Mt Dora 

To take the next step with Advantage Chrysler Dodge Jeep RAM, give our finance department a call at 352-720-6588. We’ll walk you through all of the steps of this process and ensure a smooth, transparent, and professional transaction. We look forward to earning your business.