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Can you trade in a financed car? Yes! Trading in a financed vehicle is both possible and beneficial when you’d like to move forward with a new ride, but you should keep in mind that the balance on your loan won’t automatically disappear. Oftentimes, you can use the value of your trade to pay off the rest of your loan. In other cases, you’ll need to roll over the remaining loan balance into a new financing package. No matter where you’re at in the process of trading in a financed car, Mercedes-Benz of Greenwich can help you figure out what’s next.
Getting ready to trade in a financed car? Here’s how to ensure a smoother process:
Now that you’ve seen how trading in a financed car works, you’re ready to move forward. If you’re worried that your vehicle isn’t worth as much as you currently owe, keep reading to find out what we can do to help! Will trading in a financed car help you save money? It can, but only if you’re able to secure a lower interest rate.
Can you trade in a financed car if you owe more money than your vehicle is worth? Yes, but you’ll need to roll over your remaining loan balance onto a new package. Here’s what trading in a financed car means if you’re “underwater” on your car loan:
Need an example? Let’s say that you’re trading in a financed car, and you’re offered $6,000. At the same time, let’s say that you still owe $8,000 on your old loan. The $2,000 difference can be added on to your new financing agreement, or tacked on to your monthly payments if you trade in a financed car for a lease. If you then take out a loan for $15,000 to purchase a new car, the total amount owed would increase to $17,000.
The Mercedes-Benz of Greenwich works with drivers from all walks of life, and we’d be happy to help you trade in a financed car–even if you’re under water. Start a conversation with the team at our financing
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