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Can You Trade in a Financed Car?
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!
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