Can You Trade in a Financed Car at Bell Road Mitsubishi?

Woman handing over car keys

Wondering how trading in a financed car works in greater Glendale? You can rest assured that you can trade in a financed car at Bell Road Mitsubishi! However, you’ll still be responsible for paying off the balance on your vehicle’s remaining loan. Find out more about how to trade in a financed car for lease or a brand-new option with the Finance experts below. We’re more than happy to clear up any confusion you have about credit scores, interest rates, or the car sales process.

How Does Trading in a Financed Car Work?

  1. Find Out How Much You Still Owe: Determine the remaining balance on your loan, which is typically listed on your monthly statement.
  2. Estimate Current Vehicle Value: Use our Value Your Trade calculator or one from a service like Kelley Blue Book to get an estimate on the value of your current vehicle. Note that this is simply an estimate, and it’s only once the vehicle has been physically inspected that the dealership will establish what the car is worth.
  3. Determine If You Have Positive Equity: If the remaining amount of your auto loan is less than the trade-in offer from the dealership, then you’ll have money leftover that will go towards purchasing a new car from the dealer, or positive equity. For example, if you still owe $7,000 on your car in Peoria, and the dealer offers you $8,000 to buy the car, the loan can be paid off, and you’ll have $1000 to contribute towards your next car.
  4. If Necessary, Pay Off Negative Equity: If the remaining balance of your auto loan is more than the trade-in offer, then you’ll still owe money on your car–this is called negative equity. You can pay off the remainder in full before buying your next car, or you may have the option to roll over the balance into your next auto loan with the dealer.

Trade in a Financed Car for a Lease at Bell Road Mitsubishi!

Now that you know that you can trade in a financed car, you’re in a much more informed position to shop for a Mitsubishi car, truck, or SUV. When you’re ready to trade in your financed car for a lease or brand-new Mitsubishi outright, contact us online today! Our team members will assist you throughout the vehicle purchasing process.

 

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