How Soon Can You Trade In a Financed Car?

Are you wondering, “Can I trade in a financed car?” the answer is absolutely! You might also be wondering about how quickly you can make a trade if your life circumstances have changed, or you simply want to make an automotive switch. Whatever your reasons, we’re here to help you upgrade your commute from Walla Walla to Tri-Cities with ease. Learn about how quickly you can trade in a financed car and the process of making the trade with our expert financiers below!

How Quickly Can I Trade In a Financed Car?

If you’re tired of driving your current model around Dayton, you’re likely ready to make a trade. So, how soon can you trade in a financed car? There’s no set time period for when you can trade in a car after you begin financing, but there are a few general rules to follow. You can trade a financed car at any point, but you may want to consider waiting a year or more. This is due to depreciation, which can see a new vehicle drop as much as 20% in value during the first year of ownership. However, if you have negative equity on a vehicle, you can still move forward with a trade. 

Once you’re set on making the trade, you can make a quick swap at Underriner Honda of Walla Walla. In no time at all, you’ll be heading out on the Waitsburg streets in your new ride. Now that you can answer, “How soon can you trade in a financed car?” learn how to trade in your car below!

How Does Trading In a Financed Car Work?

If you’re a new driver or asking, “Can I trade in a Financed car?” the steps below will teach you how to take on the process with ease:

1. Determine your remaining loan balance, this can usually be found listed on your monthly statement.
2. Use our Value Your Trade tool to secure an estimate of the current value of your model. Keep in mind that this is simply an estimate, the official offer will be finalized later on. 
3. If the remaining amount of your auto loan is less than your trade value, you can confidently make a quick sale! 
4. However, if you owe more than what your car is worth, you have negative equity. You can pay off the balance of your loan, or you can roll it over into your next loan. Our finance team will help you decide which route forward makes the most sense for your financial situation.

What Does “Rolling Over” A Loan Mean?

So, what is rolling over an auto loan? This is when a dealership agrees to pay off your loan balance if you have negative equity. In exchange, that value will be added to your loan for your next car. This helps you make the switch you desire without coming up with a large lump sum payment. Over time, you’ll pay off the balance of the old and new loans at once!

Turn to Underriner Honda of Walla Walla for All Things Automotive

Now that you know about the trade-in process and the timetable surrounding it, you can sell your vehicle like a professional! Team up with Underriner Honda of Walla Walla to make a quick switch to a refreshed driving experience. Once the time is right, you can explore our new vehicle specials to save big on your upgrade in College Place. In the meantime, feel free to contact us at your convenience. Ready to learn more? Learn about selling your car to a dealership with our team!