trading in a financed car

Can You Trade in a Financed Car?

Can you trade in a financed car? Yes! Just because you owe money on your current car doesn’t mean you can’t trade it in for a new car in Irvine. Jaguar Newport Beach can help you understand more if you’re asking, “How does trading in a financed car work?” or “Can I trade in a financed car for a lease?” Read on, and visit our finance and insurance center for more details about the stipulations and procedures of trading in a financed car. Here are a few starting points.

How Does Trading in a Financed Car Work?

There are many reasons why you might need to trade in a financed car. If you’d like a car with a smaller environmental footprint like the electric Jaguar I-PACE, you’ve added to your family and need a vehicle with more seating like a new Jaguar E-PACE, or you find a deal that’s better than what you’re currently paying, you may want to consider trading in your financed car.

When you still owe money on the car you’d like to trade, you need to keep in mind that the loan is not forgiven. You will need to pay it off. There are a couple of options:

  • If you owe more on your car than it’s worth in Costa Mesa, the dealership may give you enough to pay off the loan when they purchase your vehicle from you. This is called an “upside-down loan.”
  • If you owe quite a lot more on your car than it’s worth, the dealership may offer to “pay off” what you owe, regardless of the amount. This is called “rolling over” a loan. The amount the dealership pays will be tacked onto the price of your new car.

Can I Trade in a Financed Car for Lease?

While this isn’t always the best option, it’s worth considering trading your financed car for a leased car if you’re in an upside-down auto loan and you need something more affordable. The balance of your financed car will be figured into your lease deal. Check out lease specials for more savings.

Trade Your Car at Jaguar Newport Beach

We’d also love to help you learn more about financing at a bank vs. financing at a dealership. Whatever your reason, Jaguar Newport Beach is happy to help you trade in your financed car. Our finance center will help you find the best deal for you. Get a head start at home in Huntington Beach by using our trade-in tool to value your current vehicle, learn how to buy a new carwhat is a lease buyout, what does full car insurance cover, and don’t forget to apply for financing.

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