Frequently Asked Questions
Can you trade in a financed car?
You can trade in a financed car if you have positive equity in the vehicle, which means your car is worth more than you owe. Our Toyota dealership in Hanover, MA, will buy your car, pay off the loan, and put what's left toward your next vehicle. If you have negative equity, we might buy the car and pay off the loan or roll the difference into your new loan.
How soon can you trade in a financed car?
There is no set time you need to wait to trade in a financed car. Determining when to trade in your financed vehicle comes down to the equity you've built in your car. It's best to wait until you have positive equity in your vehicle before considering trading it for a new model. If you have questions about trading in a financed car, contact McGee Toyota of Hanover.
What does it mean to be "upside down" on a car loan?
Being "upside down" on a car loan means you have negative equity in the vehicle. So, for example, if you owe $25,000 on a car worth $20,000, you have negative equity and are "upside down" on your car loan. If you find yourself in this situation, waiting until you are no longer "upside down" on the loan before trading in your financed car is best.
Can I trade in my car for a cheaper vehicle?
Yes, you can always trade in your car for a cheaper one. For instance, if you value your trade at our Toyota dealership in Hanover, MA, and you find it has $20,000 of trade-in value and you want to buy a used car that's $15,000, you can trade in your $20,000 vehicle for the other car and get the remaining difference as trade-in cash.
Trade In My Car | McGee Toyota of Hanover - Frequently Asked Questions(FAQ)