Can You Trade In a Financed Car?

Car keys and money
You can absolutely trade in a financed car. Keep in mind though, you will still have to pay off the balance. If you’re interested in trading in a vehicle you’re are still making payments on, you’ll want to review the process of trading in your financed vehicle before you get started. And if you’re in need of further financial advice, our finance center can answer your questions. Find out more about the process of trading in a finance vehicle at Tamaroff Honda, then get in touch with us for more information on a lease payment, interest rates, and even the price of the car you’re trying to trade in.


How Does Trading In a Financed Car Work?

If the remaining amount of owned on your auto loan is less than the current value of your vehicle, the dealer buying your vehicle will give you enough to pay the rest of the loan off. For example, if you still own $9,000 on your vehicle, and the dealer offers you $10,000 for it, you can then pay off your current auto loan and have the car transferred to the dealership buying the car. The leftover $1,000 will then be applied to the new vehicle you are purchasing.

Handing over car key

Car loan paperwork

What Does “Rolling Over” a Loan Mean?

Rolling over a loan is when the dealership where your trading in your vehicle pays off your loan in full, no matter how much is still owned. However, this doesn’t get you out of paying off your old vehicle. The amount of your old loan gets added to your new loan on the next car you buy. This means you have to pay the dealership back for the old loan they paid off, as well as pay off the cost of your new vehicle.


Enjoy Financing Options at Tamaroff Honda

Wondering the value of your trade-in? Use our easy online calculator to value your trade. When you’re ready to trade in a financed car for a new Honda vehicles or to take advantage of one of our lease deals, visit Tamaroff Honda. Our finance team is standing by to help you with your next vehicle purchase.


More From Tamaroff Honda

  • 2020 Honda Accord Trim Levels

    There are few sedans that bring together the capacity, performance, and style to match the Accord configurations the engineers at Honda have designed for 2020. In many ways, the Honda Accord is its own rival, thanks to a wide range of trim levels that build up from a substantial set of standard features. Find out…

  • 2020 Honda Accord Interior Features

    If you’re looking to enhance your Bloomfield commute, then the new 2020 Honda Accord Sedan interior features are sure to impress. This outstanding sedan has the latest technology, comfort, and safety features to deliver a truly well-rounded ride. Learn more about the Honda Accord Sedan interior features with the automotive professionals at Tamaroff Honda. View Accord…

  • What are the 2019 Honda CR-V Configurations?

    If you’re shopping around the Bloomfield and Troy area for an SUV that has it all from performance, technology, comfort, and safety, you’ll find what you need with the 2019 Honda CR-V configurations. Throughout this impressive lineup, drivers will have the option of two strong engines, a continuously variable transmission (CVT), along with extra strength…

Saved
Saved Vehicles ×

SAVED VEHICLES

You don't have any saved vehicles!

Look for this link on your favorites:

Save

Once you've saved some vehicles, you can view them here at any time.

Contact
Contact Us ×

(248) 965-1049

Call Now

28585 Telegraph Rd. • Southfield, MI 48034

Get Directions

Today's Hours:

Open Today! Sales: 9am-9pm

Open Today! Service: 7am-7pm

Open Today! Parts: 7am-7pm

[schema type="organization" orgtype="LocalBusiness" url="www.tamaroffhonda.com" name="Tamaroff Honda" description="" street="28585 Telegraph Rd." city="Southfield" state="MI" postalcode="48034" country="United States" email="webleads@tamaroff.com" phone="(248) 965-1049" logo="https://www.tamaroffhonda.com/wp-content/themes/DealerInspireDealerTheme/images/logo.png"]
Tamaroff Honda
Tamaroff Honda
28585 Telegraph Rd.
Southfield, MI, 48034 United States
(248) 965-1049
https://www.tamaroffhonda.com/wp-content/themes/DealerInspireDealerTheme/images/logo.png
Tamaroff Honda 42.497881, -83.2865974.