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Yes, you can trade in a financed car! However, there are a few things you should know before heading to the dealership. It’s important to note that your existing loan will not go away, as that amount will still need to be paid off. So, if you’re looking to trade in a financed car, the trade-in process is a little different than if the car is already paid for. Let the experts at Mercedes-Benz of San Antonio help you walk you through the process. You can always consult our finance department if you have any questions. If you need any more information about how to trade in a financed car, how to sell your car to a dealership, or how to trade in a financed car for lease, stop by and see us near Alamo Heights and Shavano Park !
Trading in a financed car is a straightforward process. If the amount that is owed on the loan is less than the value of the vehicle, the dealership will often take care of the remaining amount on the loan. For example, if you owe $7,000 on your car, and the dealer offers you $8,000, they will pay off the remainder of the loan and any other financial obligations on your vehicle will be handled by the dealership. Therefore, the amount leftover, in this case $1,000, will be subtracted from the price of your new car.
Rolling over a loan is the process where the dealership will pay off the remaining amount of the loan regardless of how much you still owe. The only catch is that the remaining price will be added to the price of your new vehicle. In short, you will be paying the dealership back for both the remaining balance on your old loan through the loan on your new vehicle.
Now that you know about trading in a financed car, come stop by and see the experts at Mercedes-Benz of San Antonio near San Antonio. You can visit our new vehicle inventory if you’re ready to trade in a financed car for lease. If you have any questions, feel free to contact us today!
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