Can You Trade In a Financed Car?

Tiny car with coins and finance paperwork

Can you trade in a financed car? Absolutely! But trading in a financed car still means dealing with the outstanding balance on your loan. Do you want to trade in a financed car for a lease in Harvey or to buy a new vehicle? Ray Brandt Kia covers all the steps for trading in a financed car below! 

How Does Trading in a Financed Car Work?

So, how does trading in a financed car work, especially for buying vs. leasing? The first thing that Marrero drivers can do is value their trade online to see the current value of their vehicle. It may not be exactly what you get when you trade in a financed car for a lease, but it’ll give you a good place to start. After that, here are some useful steps for trading in a financed car: In select cases, the trade-in value for your vehicle will cover or exceed the remaining balance of your loan If it doesn’t, you’ll have what’s called negative equity. Here’s what that means: 

  • Leasing: How does trading in a financed car work if you’re trying to lease? If you want to trade in a financed car for a lease, your lease payments and your remaining balance payments will be separate. 
  • Financing: So, how does trading in a financed car work if you’re trying to finance another car? If you’re looking to finance a vehicle, the dealer can “rollover” the old balance and put it on your new loan so that it’s all part of the same monthly payment. 

If you’re trying to calculate what kind of payment plans to expect, use tools like our online payment calculator.

Maximizing Your Trade-In Value 

Now that you know the answer to the question, “Can you trade in a financed car?”, you probably are looking to avoid negative equity. Here are some steps to take over the course of your car ownership: 

  • Research your models and similar models before you go in for a trade. 
  • Get all the recommended maintenance on your vehicle to keep it in really good condition. 
  • Make your car look ready to go right on a car lot. Clean it and detail it so that the dealer doesn’t have to do that themselves. 

Consult the Finance Center at Ray Brandt Kia

The finance center at Ray Brandt Kia is happy to help drivers from Harvey to New Orleans with the ins and outs of car leasing and financing. Check out our car buying tips and contact us today if you have a car to trade-in and we’ll know what to do.

More From Ray Brandt Kia

  • Efficiency Unleashed: The 2023 Kia Forte’s Fuel-Sipping Performance

    Are you on the hunt for an efficient and stylish sedan that won’t break the bank? Look no further than the 2023 Kia Forte, a compact car that delivers impressive fuel economy without compromising on performance. At Volkswagen of South Mississippi, we’re excited to introduce you to this remarkable vehicle and explore the efficiency that…

  • 2024 Kia Telluride: Elevating Adventures with Style and Value

    Get ready to embark on your next adventure with the 2024 Kia Telluride, the three-row SUV that’s set to redefine your driving experience. Ray Brandt Kia in Harvey, LA, is excited to introduce you to this remarkable SUV, complete with minor visual updates and an incredible value proposition. Let’s delve into what the 2024 Kia…

  • Discover Excellence in the 2023 Kia Rio S at Ray Brandt Kia in Harvey, LA

    Are you in search of a subcompact car that combines affordability, efficiency, and style into one package? Look no further than the 2023 Kia Rio S, a standout in its class. Ray Brandt Kia in Harvey, LA, proudly presents this exceptional vehicle that delivers more than you’d expect from a subcompact car. In this blog…

Garage

Your garage is empty.
Save some vehicles to get started!
Ray Brandt Kia 29.9007548, -90.0696402.