Can You Trade in a Financed Car?

January 7th, 2019 by
close up of man handing car keys to woman in car
The short answer to the question “can you trade in a financed car” is YES. But, you must pay off the balance of your car loan before you trade in your car for a new vehicle. Learn more about the process of trading in your financed vehicle before getting started. If you have any questions along the way, our financial advisor experts at the Earl Stewart Toyota of North Palm Beach finance center can help! Contact us in the Palm Beach County area for more information on selling your car, lease payments, interest rates, and more.

How Does Trading In a Financed Car Work?

When you are ready to trade in your car in West Palm Beach, assess how much your car is worth with a value estimating tool. If you owe less on your auto loan than the estimated value of your vehicle, selling your used vehicle to the dealer means you can use the money from the sale to pay off the loan and have a little left over to go towards your next vehicle purchase.

What Does “Rolling Over” A Loan Mean?

Rolling over a loan means that a dealership “pays off” your loan on the vehicle you are selling to them. But the loan doesn’t truly go away–the cost gets added onto your loan for the next car you purchase at that dealership. Essentially, if you want to trade up right now but can’t pay off the balance of your loan in one chunk, rolling over a loan to your next car means you are paying for a past loan and a current loan at the same time.

Visit Earl Stewart Toyota of North Palm Beach Today!

If you are ready for your next car in Palm Beach Gardens, use our handy payment calculator to estimate what your monthly payments might be. Our finance team is standing by to help you with your next vehicle purchase of a new or used vehicle. Contact us for a test drive today!

Learn More at Earl Stewart Toyota of North Palm Beach

  • What Are the 2020 Toyota RAV4 Trim Levels?

    The 2020 Toyota RAV4 configurations vary in price, ranging from $25,850 MSRP* to $34,380 MSRP*. This means finding the new Toyota RAV4 that fits your needs and budget the best has never been easier. Earl Stewart Toyota of North Palm Beach has your guide to the different Toyota RAV4 trim levels, their starting prices, and standard features. Peruse the RAV4 configurations…

  • 2020 Toyota 4Runner Colors

    When you need to upgrade your ride to a new Toyota SUV for sale in Lake Park, the color options matter. Take a look at the bold and neutral 2020 Toyota 4Runner color options and find the one that matches your unique personality. Explore our inventory of new Toyota 4Runner models for sale at Earl Stewart Toyota of North Palm Beach to…

  • How Much Can a Toyota Highlander Tow?

    With the impressive 2020 Toyota Highlander towing capacity, you’ll have enough power to get from Lake Park to Palm Beach County with all you need. Whether you need to haul a boat, trailer, or equipment for the worksite or weekend adventures, a new Toyota Highlander can get the job done, all the while providing the driver and passengers…