Gretna car shoppers who drive vehicles with an outstanding lien often wonder, “can you trade in a financed car for a lease or new loan?”. The answer to this question, in many cases, is yes! Still, just because you trade in a financed car doesn’t necessarily mean your loan obligation will be expunged.
Sometimes, you can trade in a financed car and have the loan balanced rolled into a new one. In other cases, you’ll be responsible for paying it off separately. In the best scenarios, if your vehicle value is more than your loan, you could collect some cash. Learn the answer to the question “how does trading in a financed car work?” or contact us to start exploring your options!
When you want to trade in a financed car in Gretna or Marrero, there are several important things you should do. Here’s a list that makes taking care of them all just a little bit easier:
As you’ve probably been able to tell by reading the above comment, rolling over a loan is when a dealership pays off your old loan no matter how much you owe. However, what really often happens is they pay it off and the old balance is added on to your new loan. In other words, you’ll still be responsible for the loan, in essence. That’s why it’s most financially prudent to buy a new car once your old one is paid off, or choose leasing instead if you like to upgrade cars frequently.
Ready to trade-in your old vehicle for something newer in Marrero or Belle Chasse? Browse our new inventory and then contact our finance department for additional car buying and trading tips.
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