Can You Trade In a Financed Car?

After browsing through our new or pre-owned vehicle selection, it’s possible you’ve found something that’s perfect for your Dalton commute. It’s also likely that your financial situation has changed and you want to get rid of your current Rockmart daily driver. Whatever your circumstances are, our finance center is here to help. So, can you trade in a financed car? The answer is yes! Trading in your financed car is entirely possible and when you do it with Welborn Chevrolet of Rome, you can bet the trade-in process will be straightforward and simple.

Trading in a financed car, however, doesn’t make the loan completely go away. There are certain steps and processes you have to keep in mind if you decide to trade in your financed car. With that being said, continue reading below for an in-depth answer to, “Can you trade in a financed car?” or a car that has not been paid off?

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Trade-In Process

Before we go over the trade-in process, we want to touch on what it means if you’re “upside-down” on your vehicle loan. If your vehicle is worth more than the amount of money you owe on the auto loan, then you have positive equity. On the other hand, if your vehicle is worth less than the amount of money you owe, then you’re “upside-down” or have negative equity. No matter the situation, you can apply for financing and one of our experts will guide you through the next steps. Now that we’ve gotten that out of the way, here’s how you can trade-in your financed car:

1. Find out how much you still owe on your current vehicle loan. You can do this by contacting your lender or checking your monthly statements.
2. You’ll want to estimate your vehicle’s worth by utilizing our value trade tool.
3. If you have positive or negative equity in your vehicle loan, let our team or your lender know so that they can work that into your new automotive loan.
4. Finalize the paperwork, and you’ll be on your way with your new vehicle shortly!

Trade-In Your Vehicle & Upgrade Today at Welborn Chevrolet of Rome!

Once you’re ready to take the next steps with trading in your financed vehicle, you can count on Welborn Chevrolet of Rome to be here for you. We’ll make sure to explain everything that’s going on and answer any questions you may have when you bring your vehicle into our Rome dealership to get traded in. For other concerns, please contact us for more information!