Absolutely! You can trade in a financed car–but keep in mind that the loan on your vehicle doesn’t go away because you’ve traded it in; you have to pay off the balance. Learn more about your options for trading in a car that still has a loan balance with your local authorized Jaguar finance center, and contact us if you have any questions about car loans and interest rates, GAP insurance, selling a car, leasing a car, credit scores, and more in Coto De Caza.
For example, if you still owe $7,000 on your car in Laguna Beach, 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.
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.
Rolling over a loan is when a dealership says they will pay off your old loan no matter how much you owe. However, this is too good to be true, as the price gets added to your new loan on the next car you buy, meaning you pay the dealership back for the old loan at the same time that you pay off the loan on your new vehicle.
When you’re ready to trade in a financed car for lease or get behind the wheel of a new Jaguar, be sure to check out our new vehicle specials in Mission Viejo. You can also rely on more car buying tips to prepare for your next purchase in Irvine, then apply for financing online to get the process started!
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