The harder you work the luckier you get – Tex Earnhardt

Trade in Your Car

What are the Steps to Successfully Trading in a Car With a Loan?

Your Trade In with a Loan May Provide a Down Payment

If you are trading in a car with a loan, complete these steps and feel good about your decision. It all starts with confirming a trade-in amount and ends when you have confirmation your old loan has been paid off. In between, you will have completed the purchase of a car that fits your budget and lifestyle.

Trading in a Car with a Loan: Steps to Success

Step 1
Determine your car’s trade in value. To do this, you need to check here for your car’s trade-in value. This is the projected amount you may get upon trade. It is based on Kelley Blue Book, which means it has plenty of data and car sales history to support its calculations. You should print this out or save it as a PDF to your phone.

Step 2
You can think of this trade in amount as equity. It is generally used as a down payment on the new car. However, you need to subtract the existing loan amount from the trade in amount. This will help you figure out how the new car will fit your budget.

Step 3
Determine what car you want in light of your car’s positive or negative equity. We recommend talking with a well-qualified sales person at our online dealership or one of our many local dealerships. Whether you are aiming for a good used car or are ready to buy a brand new one, we’ve got the selection and pricing you need. On occasion, a consumer has received a loan that has prepayment penalties. Be sure to ask your lender if these exist. It could affect your equity.

Step 4
Let’s get trading! You’ll need your driver’s license, of course. You’ll also need your loan account number, your loan balance, and your vehicle registration. It will also help if you have the print-out of your trade-in valuation. If you have it, bring the car’s service and repair record. This will help you secure the best price for your vehicle. While you are looking for your new car with your sales person, make sure they are making a final valuation on your car.

Step 5
Now you are in the final steps to trading in your financed car for a new car! Our dealership can contact the bank, confirm the loan, and get ready to pay off the original loan in full. You will sign for the new loan. If there is a loan amount left after subtracting the trade-in value, that amount can either be paid up front or rolled over into the new loan.

Step 6
Now you’ve bought your new car! If you do not get written confirmation from the new lender that the old loan is paid off, you can call your original lender and ask for confirmation. It’s always good to have your own printed paperwork that shows that the loan is paid in full.

Choose Earnhardt for a Good Value When Trading in Your Car With a Loan

Earnhardt Auto Centers traces its roots back to the early 1950s. Since then our family business has grown through the power of customer service. In the Phoenix AZ area, we have nearly 20 dealerships where you can trade your car. In the Las Vegas area, there are three dealerships where trade ins happen every day.

What’s your next step? Use our online tool or contact the Earnhardt dealership of your choice. Put our customer service to the test. We always do our best to help.

Trade in My Car in Phoenix AZ
Adjust Payment Terms ×

We want to help you find the perfect car that fits your budget. Please adjust the options below so we can estimate the most accurate monthly payments.

Estimated Credit Score or Interest Rate

Desired Loan Term (months)

How much will you put down?

All tax, title and vehicle registration fees are additional. See dealer for complete details.