Can You Trade In a Financed Car?

Wondering if trading in a finance car near Cincinnati is possible? Absolutely! However, keep in mind that the loan on your Mercedes-Benz vehicle will not go away once you’ve traded in your car; you have to pay off the balance. We’re answering top questions like:

• How does trading in a financed car work?
• Can you trade in a financed car for a lease?
• Can you trade in a financed car?

Learn how to trade in a finance car for a lease or a loan with the finance experts at Mercedes-Benz of West Chester near Oxford. Don’t hesitate to reach out to our finance team if you have any questions.

1. Know your remaining balance on your auto loan, which you will find on the monthly statement.
2. Use our Value Your Trade online shopping tool or another trusted online tool from a service like Kelley Blue Book to get an estimate on the value of your current vehicle. Remember, this is only an estimate, and you won’t know your vehicle’s value until it’s been physically inspected at our West Chester service center. 
3. If the trade-in offer is more than what you still owe on your auto loan, you’ll have money left over that will go towards purchasing a new car from the dealer.
4. Now, if the remaining balance is more than the trade-in offer, you will still owe on your vehicle. You can either pay off that amount in full before purchasing your next car or roll over that amount into your next auto loan.

Rolling over a loan means the dealership is paying off your loan and adding that amount to the new loan of the vehicle you’re purchasing. This means you’re still paying off your previous vehicle at the same time as your new car.

Now that you know how trading in a financed car works, it’s time to find your next Mercedes-Benz vehicle with us! If you have any questions, like can you trade in a financed car for a lease, give us a call! It’s our goal to make the car buying process as stress- and hassle-free as possible.