Can You Trade In a Financed Car?
Ever wondered, “Can you trade in a financed car?” Well, you absolutely can! However, keep in mind that your vehicle’s loan doesn’t go away because you’ve traded it in; you still have to pay off the remaining balance. Explore your options for trading in a financed car with BMW of Murrieta’s finance center.
Check your monthly statement to see how much you still owe on your vehicle.
Use our Value Your Trade tool, or one from a website such as Kelley Blue Book, to retrieve the estimated value of your car. Note that this is just an estimate, and only once your car has been physically inspected will the dealership be able to determine exactly how much the car is worth.
If the remaining balance on your auto loan is less than the dealership’s trade-in offer, then you can apply that leftover money to the purchase of a new car. For example, if you still owe $9,000 on your car in Corona, and the dealer offers you $10,000 to buy the car, the loan can be paid off and you’ll have $1000 to contribute towards your next car.
If your auto loan’s remaining balance is more than the trade-in offer, this will result in you still owing money on your car–otherwise known as negative equity. You can either pay off the remainder of your loan in full before purchasing your next car, or the dealership may give you the option to roll over the balance into your next auto loan with the dealer.
What Does it Mean to “Roll Over” a Loan?
When Riverside shoppers have their auto loan rolled over, the dealership pays off their old loan no matter how much they owe. While this may sound like a great opportunity, rolling over a loan doesn’t mean that you aren’t obligated to pay that remaining balance. Rather the price gets added to the new loan on the next car you purchase, meaning you’ll have to pay the dealership back, simultaneously, for both the new and old loan.
Shop With BMW of Murrieta for Your Next Vehicle
Whether you’re looking to trade in a financed car for a lease, or you have more questions about the trade-in process, you can turn to the automotive experts at BMW of Murrieta for guidance. Contact us today, or stop by our dealership located near Ontario. Also, be sure to browse our new vehicle specials online to get a great deal on your next BMW.
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