Almost everyone understands the basics of trading up for a new vehicle, but the question, “how does trading in a car work?”, can still seem daunting if you’re unfamiliar with the specifics. Drivers from Elgin, Streamwood, Bartlett, and beyond come to us to trade in their vehicles, and that’s because we’ve made the process as simple and streamlined as possible!
Understanding the Trade-In Process
When you’re ready to trade in a vehicle with Elgin CDJR, you’ll go through each of the following steps:
- Estimate the value of the vehicle you’d like to trade in.
- Find a model that satisfies you by exploring our lineup of new and used vehicles. You can even estimate your payments online.
- If the value of your trade-in is less than the cost of the new car, our finance department will help you cover the difference.
- If you still owe money on the loan you used to purchase your old car, reach out to our team. We’ll help you explore your options.
- In order to trade-in a vehicle, you’ll need to have the vehicle title, the registration, the loan payoff information, and any keys or key fobs you may possess.
- Visit Elgin CDJR with all of these items on hand. We’ll finalize the value of your trade-in and help you drive off in a vehicle you’ll love.
Can You Trade In a Financed Car?
It is completely possible to trade in a financed car with Elgin CDJR, but you should be aware of several common points of confusion:
- If you trade in a financed car, you’re still responsible for the loan you used to purchase it.
- If the amount owed on your loan is less than the worth of your vehicle, you can pay off the loan and walk away with no lasting obligations.
- Once the loan is paid off, any remaining money you receive can be put toward the cost of your next vehicle.
- When you trade in a financed car, some dealerships will offer to “roll over” your loan. This means that they’ll pay off the remaining value on your old loan, and add the full amount to your new loan.
- “Rolling over” a loan may not save you much money, but having one large loan instead of two smaller loans does appeal to some drivers.
Value Your Trade-In with Elgin CDJR
If you’re ready to take the next steps, you may wish to start by determining the value of your trade-in. Although it’s possible to look up your vehicle’s Blue Book value and use it to estimate your car’s worth, you can also value your trade-in online with us! You can get a more precise estimate of your vehicle’s value by taking advantage of the Edmunds MyAppraise Trade-In tool today, or by reaching out via our trade-in form. Do note, if your trade-in is worth more than $10,000, you may need to pay taxes in Illinois.
Find Your Next Vehicle with Us!
Now that you know how to answer the question, “how does trading in a car work?”, we’re sure that you’ll be eager to get started. Get in touch with our team today to take the first steps on your next Chicagoland adventure.