In short, yes, you can trade in your financed vehicle; however, you’ll still need to pay off the balance of the loan. Here at Walla Walla Valley Honda, we’re happy to walk you through the process of trading in the car, truck, or SUV you’re still making payments on in the Walla Walla area. Whether you’re looking to trade in or sell your vehicle, the experts in our finance department are always available to answer your car loan and lease questions, so you can make the decision that’s right for you and your budget. Learn more about trading in a financed car, and feel free to contact us if you’d like more information on interest rates, trading in a financed or leased car, or how to determine the trade-in value of your vehicle.
How Does Trading In a Financed Car Work?
In most cases, if the amount remaining on your loan is less than the value of the vehicle, you will be able to pay off the balance with what the dealer pays for your trade-in. Say you still owe $7,000, and the trade-in value of the vehicle is $8,000; in this example, you could pay off the loan and apply the remaining $1,000 to your new vehicle purchase.
What Does “Rolling Over” a Loan Mean?
When a dealership offers to pay off a car loan no matter how much is still remaining, it’s known as “rolling over” a loan. The way this works is that the amount remaining on your old loan is added to the new loan. Deciding whether or not to “roll over” a loan will depend largely on what your budget can afford.
Get More Auto Finance Tips at Walla Walla Valley Honda!
Ready to trade in your financed car and get behind the wheel of a brand new Honda? The finance professionals at Walla Walla Valley Honda are here to help. Use our convenient trade-in estimator to find out how much your vehicle is worth, then apply for financing with us online. We’re dedicated to providing all of our Tri-Cities and Kennewick area customers with a hassle-free car buying experience. Learn more about our trade-in guarantee, good mileage on used cars, and please contact us online or give us a call at 509-593-4704 if you have any questions.
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In short, yes, you can trade in your financed vehicle; however, you’ll still need to pay off the balance of the loan. Here at Walla Walla Valley Honda, we’re happy to walk you through the process of trading in the car, truck, or SUV you’re still making payments on in the Walla Walla area. Whether you’re looking to trade in…