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Can You Trade In a Financed Car?

Our finance team near Rogers is asked a lot of questions every day, but “can you trade in a financed car?” is one of the most common! Discover more about how the team at Cornerstone Chrysler Dodge Jeep Ram can help you trade in a financed car for lease, or roll over your loan into a new finance plan! Contact us if you have any questions ranging from “can you trade in a financed car” to “how does trading in a financed car work?”



How Does Trading In a Financed Car Work?

If you’re thinking about trading in a financed car, follow these steps below!

  1. Take a look at your most recent monthly statement to determine how much you still owe.
  2. Get an idea of how much your vehicle is worth by using our “Value Your Trade” tool. Keep in mind that this is only an estimate, and may not reflect your offer.
  3. Is your remaining balance lower than your trade-in offer? You can use the money left over to put towards your new car. For example, if you owe $8,000 on your car in Anoka, and the dealer offers you $10,000 for your car, you will have $2,000 to put towards your new car.
  4. Is your remaining balance more than your offer? This is called negative equity, and you’ll need to decide whether you want to pay off the remaining balance, or go about rolling over your loan into a new plan.

What Does “Rolling Over” A Loan Mean?

So, can you trade in a financed car with negative equity? Yes! You can by “rolling over” your loan. Rolling over your loan when you have negative equity means that you add your remaining balance into your new car finance plan. When trading in a financed car, this is a very popular option for those who have negative equity.

“Can You Trade In A Financed Car?” And More FAQs Answered!

The team at Cornerstone Chrysler Dodge Jeep Ram near Coon Rapids is here to answer any questions you may have. Whether you want to know about trading in a financed car, or about a model in our online inventory, don’t hesitate to contact us today – even if you just want to know how to improve your credit score or what liability insurance covers!

Chrysler Dodge Jeep RAM
Cornerstone Chrysler Dodge Jeep Ram
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(763) 441-2300

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17219 Highway 10 NW • Elk River, MN 55330

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Cornerstone Chrysler Dodge Jeep Ram

17219 Highway 10 NW Elk River, MN

Phone: (763) 441-2300

http://maps.google.com/?q=17219%20Highway%2010%20NW%2C%20Elk%20River%2C%20MN%2055330

Parts

Phone: (763) 219-4406

17219 Highway 10 NW Elk River, MN

Mobile Parts

Phone: (763) 634-8983

17219 Highway 10 NW Elk River, MN

Sales

Phone: (763) 441-2300

17219 Highway 10 NW Elk River, MN

Mobile Sales

Phone: (763) 400-8403

17219 Highway 10 NW Elk River, MN

Service

Phone: (763) 250-1989

17219 Highway 10 NW Elk River, MN

Mobile Service

Phone: (763) 244-3829

17219 Highway 10 NW Elk River, MN
45.2834823 -93.5486677
Cornerstone Chrysler Dodge Jeep Ram 45.2834823, -93.5486677.