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Can You Trade in a Financed Car?

Man and Woman Signing Contract

 

Yes, you can trade in a financed car, but your auto loan doesn’t go away because you’ve traded in your vehicle. The balance must still be paid off. Learn more about trading in a financed car with the Baytown Hyundai finance team, and don’t hesitate to contact us if you have any questions. We’re proud to serve as your go-to Houston-area Hyundai dealership for all of your automotive financing needs.

How Does Trading in a Financed Car Work?

  1. See what the remaining balance is on your loan. You’ll find this amount on your monthly statement.
  2. Use our Value Your Trade tool to estimate the value of your current vehicle. Remember, this is only an estimate, and you won’t know the actual value until it’s been inspected at our dealership.
  3. If what you owe is less than the trade-in offer, that money can be used towards your next new or used Hyundai vehicle. 
  4. However, if the balance is higher than the offer, you can either roll it over into your next loan or pay off the remaining balance.

What Does “Rolling Over” a Loan Mean?

Rolling over a loan means the dealership is paying off the remaining balance on the auto loan. The price then gets added to the new auto loan on the next vehicle that you purchase. This means that you’re paying back the dealership for the old loan at the same time as you’re working to pay off the new loan.

Get More Finance & Used Car Trade-In Tips From Baytown Hyundai

When it’s time to trade in your vehicle, don’t hesitate to give us a call. Between our competitive prices and new and used vehicle specials, you can rest assured that you’re getting the best deal possible with us! Apply for financing from home to get the process started today.

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