Can You Trade In a Financed Car?

Finance Page

In short, of course! Trading in a financed car is possible, but it’s important to keep in mind that the current loan on your vehicle doesn’t go away because you’ve traded it in. You’ll still be responsible for paying off the balance. Learn more about your options for trading in a car that still has a loan balance with your local authorized Mazda finance center, and contact us if you have any questions about car loans and interest rates, selling a car, leasing a car, credit scores, and more near Brickell.

How Does Trading In a Financed Car Work?

  1. Determine the remaining balance on your loan. It’s typically listed on your monthly statement.
  2. Use our Value Your Trade tool or one from a service like Kelley Blue Book to get an estimate on the value of your current vehicle. Note that this is simply an estimate, and it’s only once the vehicle has been physically inspected that the dealership will establish what the car is worth.
  3. If the remaining amount of your auto loan is less than the trade in offer from the dealership, then you’ll have money leftover that will go towards purchasing a new car from the dealer.
    1. For example, if you still owe $7,000 on your car in Miami Beach, and the dealer offers you $8,000 to buy the car, the loan can be paid off and you’ll have $1,000 to contribute towards your next car.
  4. 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 known as “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.

What Does “Rolling Over” A Loan Mean?

When dealerships roll over a loan, this means they will pay off your old loan no matter how much you still owe. However, like most things that are too good to be true, this doesn’t mean your old balance will disappear. The balance from your old loan simply gets added to the price of your new loan on the next car you buy. This means you’ll be paying the dealership back for the old loan at the same time you’re paying off the loan on your new vehicle.

Rely on Brickell Mazda for Your Next Vehicle

When the time comes to get behind the wheel of a new model and trade in a financed car for lease, be sure to browse our new vehicle specials in Miami to help you save more on your favorite model. You can also rely on more car buying tips such as how often to change your oil to prepare for your next purchase in Coral Gables, then apply for financing online to get the process started, learn more about the Mazda3 trim levels, or compare models like the Mazda CX-5 vs. Toyota RAV4!

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Brickell Mazda 25.765752, -80.204607.