Can You Trade in a Financed Car?

financed car trade in

You can! However, it’s important to remember that trading in a financed car won’t make the auto loan disappear. If you’re currently making payments on a car but wish to trade it in, there are some steps you’ll need to take. Our finance team can provide answers to your financing questions, including, “Can you trade in a financed car?” Read on to learn more about your options and feel free to contact us for more advice.

How Does Trading in a Financed Car Work?

If your car’s value is more than what’s owed on your car loan, you can trade your car in easily. The money given to you by the dealership will cover the remaining balance on the loan — and you may have some pocket money left for your next vehicle purchase. For example, if you still owe $10,000 on your car loan and you settle for the dealer’s offer of $11,000, you can pay off the loan, transfer ownership of the car to the dealer, and put the leftover funds toward another new or used vehicle.

How Do You “Roll Over” a Loan?

When a loan is rolled over, your car dealer will agree to pay off your car loan, regardless of the amount you owe. Of course, that doesn’t mean the loan goes away forever. The amount the dealer pays to take care of your old loan gets added to the price of the car you’re buying, so your monthly payments will go toward the new car and the amount paid by the dealer on your behalf. So, either way, you’re repaying the old loan.

Buy or Lease a New Car at Long Island City Volkswagen Today!

Are you ready to trade in a financed car for a lease or to test drive a new Volkswagen for sale? Contact us at Long Island City Volkswagen to schedule a test drive near Flushing and Bayside! Be sure to ask about our new vehicle and pre-owned specials for opportunities to save on the car you want.

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(718) 728-8111

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56-15 Northern Blvd. • Woodside, NY 11377

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Long Island City Volkswagen

56-15 Northern Blvd. Woodside, NY

Phone: (718) 728-8111

https://www.google.com/maps/place/Long+Island+City+Volkswagen/@40.753826,-73.9067497,17z/data=!3m1!4b1!4m5!3m4!1s0x89c25f1082786adf:0xf43453edd2b85b21!8m2!3d40.753826!4d-73.904561

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Phone: (718) 274-0633

56-15 Northern Blvd. Woodside, NY

Sales

Phone: (718) 728-8111

56-15 Northern Blvd. Woodside, NY

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Phone: (718) 274-2300

56-15 Northern Blvd. Woodside, NY
40.753828 -73.90442999999999
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Long Island City Volkswagen
Long Island City Volkswagen
56-15 Northern Blvd.
Woodside, NY, 11377 United States
(718) 728-8111
https://di-uploads-development.dealerinspire.com/longislandcityvolkswagen/uploads/2017/09/LongIslandCityVWOGImage.png
Long Island City Volkswagen 40.753828, -73.90442999999999.