Drivers wondering how to trade in a financed car will find the answers they need at Mazda of Salem. Our job doesn’t end the moment you find your perfect vehicle. We’re also here to help on every stage of the vehicle financing process, from the first application to the next trade in, so you can finance your car with confidence. Learn how to trade in a financed vehicle, and pick out your next Mazda model, right here at our dealership.

Figure Out Vehicle Value

One of the first steps you want to take is to determine how much your current vehicle is worth. It’s always a good idea to do your research before you begin the trade-in process, so you can compare offers. When trading in a vehicle you still owe money on, it’s especially important to get top dollar, so you can put as much value as possible to the remainder of your loan.

Determine Current Vehicle Loan Value

Next, you’ll need to figure out how much you still owe on your current vehicle. If the amount you owe is less than the vehicle value, that means you have positive equity, and you’ll have money to put toward your next vehicle. If you owe more than the vehicle is worth, you have negative equity, and you’ll have to pay out of pocket at trade in.

Begin the Trade-In Process

You’ll want to determine if the trade-in process is the right option for your budget and driving needs. If you have negative equity, you may want to continue paying the vehicle off, rather than trading in. If you have positive equity, some of the trade-in value will go to paying the loan off, and the rest will be yours for financing a new vehicle.

Learn How to Trade In a Financed Car in Salem, OR

No matter what your vehicle financing needs might be, you’ll find the support you deserve at Mazda of Salem. We offer financing tools you can rely on, including a vehicle trade-in value estimator. Get started at our dealership today.