How Does Trading In a Financed Car Work?

Whether your Sussex lifestyle has changed, or you’re looking to upgrade to a new Mercedes-Benz vehicle, our goal is to help you get behind the wheel of a ride that fits your needs the best. With that being said, can you trade in a financed car? Yes, you can! If you’re currently driving a vehicle that is being financed, chances are you’ll be able to trade it in.

Our finance team is here to help you learn all about trading in a financed car so that you can be back on the roads in a vehicle that you truly love. Today, the professionals from Mercedes-Benz of Newton will help you take a deeper look at trading in a financed car and touch on the following items:

• Can you trade in a financed car for something else?
• Is it possible to trade in a financed car for a lease?
• How does trading in a financed car work with equity?
• How do you trade in a financed car at a dealership?

Trading In a Financed Car With Equity – Rolling Over a Car Loan

So, how does trading in a financed car work with equity? Before we go over how you can trade in a financed car for a lease or new auto loan, it’s important that you understand what happens to the auto loan on the vehicle you’re trading in. In most cases, you’ll likely have equity when you’re trading in your vehicle. Equity is simply the difference between your vehicle’s trade-in value and your automotive loan. Positive equity means your trade-in value is worth more than your auto loan and negative equity is the opposite of that.

When you have negative equity and you get a new automotive loan, you’re “rolling over” the money that’s left on your old auto loan into your new one. Positive equity, on the other hand, acts as a down payment or additional money you put towards your new auto loan. It doesn’t matter if you need to rollover your car loan or if you’ve got positive equity, we can help you explore your options when it comes time to trade in your financed car!

How Can You Trade In a Financed Car at Mercedes-Benz of Newton?

Whether you’re looking to trade in your financed car to get a new vehicle lease or apply for new vehicle financing, we can likely make your dreams happen at Mercedes-Benz of Newton. Our goal is to make it as simple as possible for you to drive around Hackettstown in a vehicle that you love. So, how does trading in a financed car work at a dealership? When you come to us, you can expect a simple trade-in process that might look like this:

1. To make the trade-in experience even smoother, we recommend you determine your loan payoff amount. This can likely be found by reaching out to your lender.
2. Value your trade to determine your estimated trade-in value. We even offer a trade-in tool that you can complete from the comfort of your own Hamburg home.
3. Schedule a trade-in appointment to have one of our experts confirm your vehicle’s trade-in value.
4. If you expect our trade-in offer, we’ll begin going over your next steps. If you have equity, we’ll go over your options and walk you through what that equity means for your new vehicle lease or finance option.

Trade-In a Financed Car for a Lease or New Auto Loan Today!

We look forward to working with you at Mercedes-Benz of Newton. From new vehicle leases to exceptional financing options, our Newton dealership is here to assist. If you have any questions, please let us know how we can help!