How to Trade in a Car With a Loan

When you've got your eye on a brand new set of wheels and are looking to make room in the driveway, trading in your current car is a great way to do so. What if you haven't fully paid off your current car? A trade is still possible, and Watermark Ford of Marion is here to help.

Read through our guide on how to trade in a car with a loan, then contact us to get the process started!

Can I Trade in My Car With a Loan?

 The short answer is: Yes, you can!

You'll be able to upgrade to that new car with a loan on your current car and trading it in at our dealership is simple. First, though, you'll want to figure out if your car has positive or negative equity.

If your car has positive equity, it means your car is worth more than what you owe. This can happen if the remainder of your loan term is shorter or if you're driving an in-demand model. It may also increase its trade-in value.

If your car has negative equity, this means you owe more on the loan than the car is worth. However, you can still trade it in at our dealer. Your remaining loan balance can either be applied to your new car loan, or you can pay it off.

How Can I Trade in My Car?

So, what does the trade-in process look like? Essentially, you'll bring us your current car, and we'll assess its value, which can then be put towards your new car. There are some important things to keep in mind throughout the process.

For starters, we provide an Edmunds MyAppraise Trade-in tool on our website that can give you an estimate of your current car's worth. All you'll need to get started is some information about your vehicle, like its make, model, and trim level.

When you arrive to trade in your vehicle, our team will finalize that estimate. Before you bring your car to us, there are some things you can do to boost its value, such as:

• Clean the interior and exterior of the car.
• Touch up any dents, scratches, or marks.
• Be sure your car is up to date on maintenance.
• Collect all car records and paperwork.

Ensuring your car is in top shape when you bring it in can potentially increase its trade-in value.

Our Finance Team Can Help

 As we mentioned above, the value of your trade-in is going to depend on a lot of factors, and it's important to consider them before bringing your car in. If you have any questions during the trade-in process, our finance center is just around the corner.

Our finance experts know exactly how you can trade in your car with a loan. Whether you're an experienced buyer or have no idea where to begin, our team can walk you through every step. It's our goal to make sure you drive off in your new car with confidence in your financing plan.

Trade in a Car With a Loan at Watermark Ford

At Watermark Ford of Marion, we can help you trade in a car that still has a loan attached. We're excited to get you behind the wheel of your favorite set of wheels, so we help make the trade-in process as streamlined as possible.

Contact our team to trade in your car with a loan!