Can You Trade In a Financed Car?

 

Yes, you can! But remember that you’ll still have to pay off any remaining balance on your car loan. It’s important to understand the process before you trade in a vehicle that you are currently making payments on. If you need financing advice, please feel free to contact the experts in our finance center. Learn more about how to trade in a financed car in this guide from Sullivan•Parkhill Automotive Inc in Champaign.

How Does Trading In a Financed Car Work?

If the remaining balance of your car loan is less than the vehicle is worth, the dealer can give you enough to pay off the rest of the loan. For example, if you owe $7,000 on your car, and the dealer offers you $8,000 for it, you’ll be able to pay what’s left on your loan and apply the remaining $1,000 to the purchase of a new vehicle.

What is “Rolling Over” A Loan Mean?

Some dealerships may offer to roll over your loan. This means that they will pay off your loan regardless of how much you still owe. Sounds too good to be true? It actually is, as the price gets added to your new loan on the next car you buy, and you wind up paying back the dealership as you make payments on your new vehicle. Decatur area shoppers should use caution when considering rolling over a loan.

Visit Sullivan•Parkhill Automotive Inc Today!

Person with car keys to trade in vehicle

If you’re ready to trade in your financed car, stop by Sullivan•Parkhill Automotive Inc. We have a wide variety of exciting new cars in stock, as well as a fine selection of used and certified pre-owned vehicles. Make sure to check out our new vehicle specials to find some of the best deals available in the Danville area. You can value your trade-in, calculate your monthly payments, and apply for financing all from the comfort of your home or office. Find out whether buying or leasing a vehicle is the right choice for you, and if you have any questions please feel free to contact us.

 

More from Sullivan•Parkhill Automotive Inc

  • Chevy Silverado Accessories

      Are you ready to customize your Chevy Silverado? You can easily show your personal style with a variety of Chevy Silverado accessories. There are numerous Chevy accessories available at the Sullivan•Parkhill Automotive Inc that can make those long drives around Champaign much more enjoyable. Keep your interior in pristine condition, enhance your truck’s appearance, or add…

  • 2020 Chevy Traverse Gas Mileage

      If you are in the market for a family-friendly SUV that doesn’t sacrifice fuel economy for performance, you will want to take a look at the Chevy Traverse. The 2020 Chevy Traverse mpg ratings will vary based on whether you choose the front-wheel drive or all-wheel drive configuration. Learn more about the 2020 Chevy…

  • 2020 Chevy Equinox Interior Features & Space

    Are you looking for a crossover that checks all of the boxes on your wishlist? If so, the Chevy Equinox interior has you covered. Inside of the Chevrolet Equinox interior, you will instantly notice that it is packed with comfort and convenience features to take your Champaign commutes to the next level. See what the…

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

217-352-4275

Call Now

440 W. Anthony Dr. • Champaign, IL 61822

Get Directions
Sullivan•Parkhill Automotive Inc 40.1358477, -88.249515.