How to Trade in a Car That’s Not Paid Off?
Are you looking to trade in a car that’s not paid off? You can, but the loan amount doesn’t go away, and that balance has to get paid off. The finance team at Ocean Honda of Hanover has your guide on how to trade in a car that’s not paid off, so you can upgrade to a new or used Honda vehicle to enhance your Boston commute. Don’t hesitate to contact our finance department with any questions. Get things started by getting pre-approved for financing online.
How Can You Trade In a Financed Car?
- First, consider the amount that’s owed on the auto loan. This amount is listed on your monthly statement.
- Utilize helpful online shopping tools like our Value Your Trade tool to estimate your vehicle’s value, which you can use towards your next new or used vehicle purchase. Remember, this is only an estimate. It’s not until your car has been physically estimated that the dealership will determine what the car is worth.
- If the amount that’s left on your loan balance is less than the trade-in offer from our Quincy-area dealership, you will have money leftover that can be used towards your next purchase. For example, if you owe $5,000 and your vehicle is worth $8,000, you have $3,000 to use towards your next Honda vehicle.
- However, when the loan balance is more than the trade-in offer, you can either pay off the remaining amount in full or roll over the amount into your next auto loan.
What does rolling over a loan mean? This is when the dealership handles the payoff amount, and that amount gets added to the new loan. You’re paying the dealership back for the old loan; at the same time that you’re paying off the loan on your new vehicle.
Learn How to Trade in a Car That’s Now Paid Off With Ocean Honda of Hanover!
If you still have questions about trading in a car that’s not off, don’t hesitate to give our finance department a call. We’ll work hard to ensure your car-buying experience is as stress- and hassle-free as possible. Between our competitive prices and vehicle specials, we work to help you get the best deal possible.
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