Can you trade in a finance car? Absolutely! Trading in a financed car and exploring your options to handle the loan balance is simple with the right help. When you trade in a car that still has a loan balance, it’s important to note that the remaining balance doesn’t magically disappear; you’ll need to pay it off. How does trading in a financed car work? Our finance team at Dan Cava's GMC can provide Fairmont drivers like you with expert guidance on car loans, interest rates, selling a car, leasing a car, credit scores, and more. Learn more below, then visit us in Bridgeport to take the next steps of trading in a financed car.
To understand how trading in a financed car works, it’s essential to follow a few key steps.
Rolling over a loan occurs when a dealership offers to pay off your old loan, regardless of the amount owed. However, this seemingly advantageous option comes at a cost. The dealership adds the remaining balance to your new loan, resulting in simultaneous repayments for both loans. This means paying interest on both loans and extending your overall debt. It’s vital to carefully consider the long-term financial impact and consult experts to make an informed decision that aligns with your goals.
If you want to trade in a financed car for a lease, it is possible. When you trade in a financed car for a lease, the process typically involves the dealership paying off the remaining balance on your current auto loan, but we mentioned above the possibility of rolling over. This can allow you to transition from owning the car to leasing a new one. However, it’s important to note that the specifics of the trade-in process may vary depending on the dealership.
We recommend consulting with our finance department to understand the details and options available to you when considering trading in a financed car for a lease. They can provide guidance tailored to your situation and help you navigate the process smoothly
When the time comes to trade in a financed car for lease or to drive a new GMC, make sure to explore our enticing new vehicle specials in Bridgeport. Additionally, we provide valuable car-buying tips to assist you in preparing for your next purchase in Grafton. To kick-start the process, you can conveniently apply for financing online. Get ready to embark on your next automotive journey with ease!
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