Can you trade in a financed car?

Welcome to RB Car Company, your trusted used car dealership near you for a seamless and rewarding car-buying experience that includes the convenience of trading in your current vehicle. As a premier dealership committed to exceeding customer expectations, we understand the value and importance of making the car-buying process as smooth as possible. At RB Car Company, we invite you to explore our extensive inventory of high-quality used cars in Mishawaka while taking advantage of our hassle-free trade-in services. Our knowledgeable team is ready to assist you in finding the perfect vehicle that meets your needs and budget, while providing a fair and competitive value for your trade-in. Experience the ease and convenience of trading in your car at RB Car Company, where customer satisfaction is our top priority.

If you find yourself with a financed car and are considering a different used car in Mishawaka, you may wonder if it's possible to trade in a car near you that still has an outstanding loan. The good news is that trading in a financed car is indeed possible and can be a convenient option when you're ready for an upgrade. However, several factors need consideration to ensure a smooth process and make an informed decision at our used car dealership near you. Now, let’s explore the ins and outs of trading in a financed car, providing you with valuable insights to help navigate this situation successfully.

Loan Payoff Amount:

• Determine the current outstanding balance on your loan by contacting your lender or reviewing your loan documentation.

• This amount represents what you owe on the car and needs to be considered during the trade-in process.

Vehicle Equity:

• Assess whether your car's trade-in value exceeds the remaining loan balance (positive equity) or falls short (negative equity).

• Positive equity means you can use the trade-in value of the car to pay off the loan, potentially leaving funds towards your next used car in Mishawaka.

• Negative equity occurs when the used car value is less than the loan balance, requiring additional steps to address the difference.

Trade-In Appraisal:

• Visit RB Car Company to have your car appraised for its trade-in value.

• Our used car dealership near you will consider factors such as the car's condition, mileage, market demand, and other relevant factors to determine its trade-in worth.

Loan Transfer or Payoff:

• If you have positive equity, the trade-in value of the car can be used to pay off the remaining loan balance directly with your lender, simplifying the process.

• In cases of negative equity, you have options such as rolling the remaining loan balance into your next car loan or paying off the difference separately.

Financing Options:

• Explore financing options at our used car dealership near you for your next car, considering interest rates, loan terms, and monthly payments to ensure they align with your budget and financial goals.

Trading in a financed car can streamline the process of acquiring a new vehicle. At RB Car Company, our team can guide you through the trade-in process, helping you assess the equity situation, determine a fair used car value, and explore financing options for your next car. Visit us today and experience the convenience and expertise we offer in trading in your financed car and driving away in the used car in Mishawaka of your dreams.