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If you’re in Rogers and have ever wondered if you can trade in a financed car, the answer is generally yes, but there are many factors to consider. Do you have a loan on your current vehicle and are you planning to trade it in? That’s fine, but you must pay off the remaining balance. Cornerstone Kia in Elk River is happy to answer all of your questions and help you through the process of trading in a financed car. We’ll help you get a fair value on your trade-in and explain all of your options, even how to trade in a financed car for a lease.
Trading in a financed car is easy. If the remaining amount owed on your loan is less than the value of the vehicle, Cornerstone Kia gives you enough to pay off the remainder of the loan and sends the funds into the holder of your current loan. For example, if you owe $10,000 on your car, and the dealership offers you $9,000 on it, the loan will be paid off and the car title transferred to the dealership. The remaining $1,000 will then be applied to the down payment of your new vehicle.
Sometimes you owe more on your vehicle than the car is worth. For example, maybe your used Kia is worth $10,000 due to depreciation, but you still owe $11,000. In this case, you’re “upside-down” in your vehicle and that extra $1,000 will be added to your new loan. That is what is meant by “rolling over” a loan.
If you’re ready to get behind the wheel of a new Kia and trade in your financed car, come to Cornerstone Kia today! Our finance team will treat you with kindness and make sure you get a fair price for your trade-in. Feel free to check out our online payment calculator to estimate your new payment. Then, come to find your new vehicle at Cornerstone Kia. Have questions? We’re here for you. Don’t hesitate to contact us. We’ll help you with anything from financing a car, to helping you remove stickers from your car.