Can You Trade In a Financed Car?

Excited Couple Reviewing Trade in Offer with Salesman

Can you trade in a financed car? Of course! Keep in mind as you’re preparing for trading in a financed car, however, that your car loan doesn’t disappear when you do a vehicle trade-in as you’re still required to pay off the balance on the loan. If you’re asking yourself, “How does trading in a financed car work?”, the experts here at Daytona Mitsubishi are right by your side to walk you through the entire process step-by-step.

Discover all your options with the Daytona Mitsubishi finance center to ensure that you’re fully prepared to hit the streets of Port Orange and Ormond Beach in the new car of your dreams. Have more questions about trade-ins? Contact us today after checking out our quick guide to trade in a financed car for lease!

Trading In a Financed Car

So, how does trading in a financed car work? You can trade in a financed car for lease with just a few simple steps:

  1. Figure out your vehicle loan’s remaining balance as you’re preparing for trading in a financed car. You’ll generally see this on your monthly statement.
  2. Use our Daytona Mitsubishi Value Your Trade tool or a similar one from a reputable service like Kelley Blue Book to get your current vehicle’s estimated value. Remember, however, that this is only an estimate and that you’ll get a full estimate of the car’s worth once the dealership has inspected your vehicle.
  3. If your car loan’s remaining balance is less than your vehicle trade-in offer, you’ll have leftover money that can be contributed towards the cost of purchasing your new car from the dealership.
  4. If your car loan remaining balance is more than the trade-in offer, you’ll still own a negative equity, which is additional money you owe on your car. You can pay off the remaining balance in full before purchasing your next vehicle. You may also have the option to roll over your balance into your next car loan with the dealer near Palm Coast and Deland

Trust Daytona Mitsubishi for Your Next Car!

Can you trade in a financed car? Now that you know that the answer is yes, be sure that you check out our new vehicle specials near New Smyrna Beach. You can also depend on more car buying tips to help you prepare for trading in a financed car, like how to get a better credit score. Finally, apply for financing online to begin the process!

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