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405 NJ-17, Paramus, NJ, 07652

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Dealership Info

Phone Numbers:Sales Hours:
  • Mon - Thu9:00 AM - 7:00 PM
  • Fri - Sat9:00 AM - 6:00 PM
  • SunClosed
Service Hours:
  • Mon - Fri7:30 AM - 6:00 PM
  • Sat8:00 AM - 4:00 PM
  • SunClosed
Parts Hours:
  • Mon - Fri7:30 AM - 5:00 PM
  • Sat - SunClosed
Service

Can You Trade In a Financed Car?

Woman handing over car keys

 

Yes, you can trade in a financed car! Although it’s a little bit easier and more rewarding to trade in a car that’s already been paid off, there’s nothing stopping you from trading in a financed car for a lease or a new loan. In fact, if you already know the basics on how to trade in a car, the process itself is pretty simple! You’ll just need to provide your loan account number and share the amount that you still owe. If you have questions, read on and let us know!

How Does Trading In a Financed Car Work?

Although some sources say that you need a title in order to trade in a vehicle, the truth is that many dealerships—including Jaguar Paramus—make trading in a financed car just as easy as trading in a car that’s already been paid off. So, how does trading in a financed car work? Here’s a closer look at the process:

  1. Get your loan account number and find out how much you still owe on your loan. Although you won’t have a title or a loan payoff slip, you should still be able to present your license, your registration, proof of insurance, and any keys or remotes that were included with your vehicle.
  2. Once you’ve determined how much you still owe on your loan, take advantage of our online trade-in valuation tool to find out how much your vehicle is worth.
  3. If your vehicle is worth more than you currently owe, the dealership will pay off your remaining balance and provide the remainder to you. You can take cash or use it as a down payment on your next new or used vehicle.
  4. If your vehicle is worth less than you currently owe, you can still trade it in. However, trading in a financed car does not remove your obligation to repay the loan! You can pay off the remaining balance in one lump sum, or ask the dealership to roll over your loan balance onto a new payment plan.

After you’ve made your calculations, contact the dealership to schedule your in-person appraisal! Having your vehicle inspected by a professional can help you to maximize your return, and we want to buy your used car no matter what condition it’s in today.

What Does “Rolling Over” A Loan Mean?

If you owe more money than your vehicle is worth, you have what’s known as negative equity. In the event that you trade in a vehicle with negative equity, the dealership may offer to roll over your loan balance! This essentially means that the amount that you still owe is added onto a new loan with a single monthly payment. 

Although you should be careful to ensure that you aren’t overstretching your budget, rolling over a loan is a convenient and affordable option for many Jersey City and Fort Lee drivers. Talk to our financing team to find out if it’s right for you.

Find Your Next New or Used Vehicle at Jaguar Paramus!

Whether you’re looking for a brand new model or you’d prefer to purchase a used car priced under $10K, you can find exactly what you’re looking for at Jaguar Paramus! Our dealership is easy to reach from anywhere near Ridgewood, and we’re happy to help you learn more about the financing process.

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