Can You Trade In a Financed Car in American Fork?

Car dealer giving car key to buyer


When it’s time to trade in your car for a used vehicle, some want to know what’s considered good mileage for a used car. You won’t just look at the mechanical and physical condition of the car, but also the mileage. Many people try to stay away from a used car with more than 100,000 miles, but if it’s been well taken care of, it could be a good purchase. The team at Ken Garff Chevrolet has some essential factors to consider when you’re shopping for a pre-owned vehicle around the Lehi area. We’re proud to be your go-to destination for all of your car-buying needs!

The short answer– Yes! The longer answer– Trading your financed car is possible just as long as you pay off the loan balance of your vehicle, even after you’ve traded it in. 

You can discover a myriad of options when it comes to trading in a car with a loan balance at the local authorized Chevrolet finance center. Contact us with questions about how to trade in your car, leasing your car, credit scores, loan/interest rates, and more in Lehi. 

How Do You Trade In a Financed Car?

  1. Find the remaining loan balance. You can find this on your monthly statement.
  2. Use a service such as the Value Your Trade tool or the Kelley Blue Book to find an estimate on your current vehicle. A reminder that this would only be an estimate, and a more accurate price will be determined after undergoing a physical inspection at a dealership.
  3. If the auto loan balance on your vehicle is less than the trading price on your vehicle post-inspection, then the remaining balance can be used to purchase a new vehicle at the dealership. For instance, if your auto loan balance is $7,000 and the dealership offers $8,000 for your vehicle, you can pay off the loan with $1,000 leftover to purchase a new vehicle.
  4. However, if your auto loan balance costs more than the price of the car post-inspection, you’ll end up at a price deficit– which is called negative equity. Your options would be to pay off the balance before purchasing your new vehicle, or have the new balance rolled over into a new loan with the dealership.

What does “Rolling Over” A Loan Mean & is it a Good Idea?

Rolling over a loan is when a dealership says they will pay off your old loan balance no matter how much you owe. A loan is “rolled over” when a dealer promises to waive your outstanding loan balance no matter the price. However, be cautious, because you still would be responsible for paying the dealership the old loan in conjunction with the loan of your new vehicle. 

Turn to Ken Garff Chevrolet for Your Next Vehicle

Now that you have all the information, you can responsibly trade in your financed car for a pristine new vehicle such as the Chevrolet. Be sure to look into our new vehicle specials in American Fork, and check out our articles on car buying tipsand our online finance application.Hope to see you for your next purchase in Eagle Mountain soon!

More from Ken Garff Chevrolet

  • 2023 Chevy Traverse Gas Mileage

      Your busy family has enough on their calendar as it is, and excessive fuel stops in Lehi aren’t necessarily something you want to make time for. If you’re ready to trade in your vehicle for a more fuel-efficient mid-size SUV, look no further than the 2023 Chevy Traverse! Despite its size, the Chevy Traverse…

  • 2023 Chevy Silverado 1500 MPG Ratings

      When it comes to getting the job done with confidence, nothing beats the reliability of a new Chevrolet Silverado 1500. For years, drivers from Lehi and beyond have trusted this powerhouse of a truck, and we’re confident it will be a valuable addition to your own driveway. What about the 2023 Chevy Silverado 1500…

  • 2023 Chevy Tahoe Towing Capacity

      Experience the ultimate blend of functionality and safety as you embark on your journeys with the 2023 Chevy Tahoe. This SUV is designed to empower you to accomplish more, ensuring that you have ample cargo space for your weekly shopping trips and a remarkable towing capacity to haul your boat, cargo trailer, or camper…

Find Your Vehicle

Contact Us

Phone Numbers:Sales Hours:
  • Mon - Sat9:00 AM - 8:00 PM
  • SunClosed
Service Hours:
  • Mon - Fri7:00 AM - 6:00 PM
  • Sat7:30 AM - 5:00 PM
  • SunClosed
Parts Hours:
  • Mon - Fri8:00 AM - 6:00 PM
  • Sat8:00 AM - 5:00 PM
  • SunClosed
Concierge Hours:
  • Mon - Sat7:00 AM - 8:00 PM
  • SunClosed

Saved Vehicles

You don't have any saved vehicles!

Look for this Save icon

Once you've saved some vehicles, you can view them here at any time.

Ken Garff Chevrolet 40.35667, -111.7844.