Looking to purchase a new Toyota vehicle but uncertain if you can trade in a financed car? Not to worry – you can absolutely trade in a financed car! However, the loan on your current vehicle doesn’t disappear just because you’ve traded it in – you must pay off the balance. How can you trade in a financed car that still has a loan balance? Find out with the finance experts at Peter Boulware Toyota below!
Rolling over a loan refers to the situation where a dealership will pay off your old loan, regardless of the balance. However, there’s a catch! The price gets added to your new loan on the next vehicle you purchase, so you have to pay the dealership back for the old loan and pay off the new car loan simultaneously. Be careful before agreeing to roll over a loan!
Now that you know you can trade in a financed car for a lease or to put towards a down payment on a new vehicle, we strongly recommend getting in touch with us here at Peter Boulware Toyota today! Our finance specialists are more than happy to help you browse for new vehicle specials. If you have any questions about selling a car, credit scores, or how to fill out our online financing application, please don’t hesitate to reach out!
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