When you're financing a vehicle, there may come a time when you feel ready to trade it in. Maybe you want a newer model, or you're just not happy with your vehicle's performance. But when can you trade it in if you're financing it? Can you trade it in? These are the questions we hope to answer in this short guide to trading in a financed vehicle. Let our experts at INFINITI of Tallahassee guide you in your vehicle journey with our impressive inventory of new and used vehicles.

When Can I Trade In a Financed Car?

A financed vehicle is a tradable asset, and, depending on how much you still owe on the vehicle, you might even be able to trade it in for some extra cash. The circumstances of your trade-in depend largely on the vehicle's value, how much you still owe, the price of the vehicle you want to trade it for, and the dealership's specific policies. Typically, you can trade in a financed car at any time during the terms of the loan, unless specifically prohibited by the lender.

How Do You Trade In A Financed Car?

If you want to trade in a financed car, there are some steps to follow to make sure you're paying off the original loan and still getting the new vehicle you want. To start, you may want to determine your vehicle's value. You can do this by using online tools or by taking your car to a licensed dealer. Bring your vehicle into one of our certified salespeople, and we'll give you a quick, accurate quote so you know exactly what you're working with. When you determine your vehicle's value, you want to understand the equity you have.

Positive Vehicle Equity

Positive equity in a vehicle occurs when the vehicle is worth more than you still owe on the loan. This means you can potentially sell or trade in the vehicle, pay off the loan, and still have some extra money to work with. For example, let's say you have a vehicle that's worth $20,000, and you only owe $12,000 on it. You can trade it in for closer to $20,000, depending on the dealer, and still have some extra money to upgrade your ride.

Negative Equity

Negative equity occurs when a vehicle is worth less than what you owe. For example, if you financed a used vehicle worth $15,000, it's likely you won't get $15,000 for it when you trade it in. Let's say this same vehicle is worth only $8,000 when you trade it in, but you still owe $12,000 on it. This is an example of negative equity, and while negative equity doesn't typically mean you can't trade in a vehicle, it may affect the value of the vehicle you can trade it for or the terms of the new loan.

Rolling Over a Loan

In some cases, you can "roll over" an old loan into a new one when you do a trade-in. This occurs when you trade in a vehicle that has negative equity, allowing borrowers to still get a new ride while repaying the rest of the old loan. The dealership pays off the remaining balance for the borrower, rolling over the balance into the new loan. So, you'll get a new vehicle, but you'll still have to pay off the old amount in addition to the new balance.

Compare Trade-In Offers

You may get different offers from dealerships or even private buyers. Once you understand the value of your trade, you can know what to expect in terms of offers. Consider each offer carefully, and, of course, the vehicle you want to trade for. Research the typical price for both used and new options for that vehicle model, or contact your local dealership for a summary of their inventory. You can schedule an appointment with us to learn about your trade-in options and get an accurate offer for your trade-in.

Research Your Replacement Vehicle

You can't complete a trade-in if you don't know what you're looking for, so check out your local dealerships for the hottest trade-in vehicles and offers. Some dealerships offer more for trade-ins than they would for a cash sale, so check with local inventory to find the right ride for your needs. INFINITI of Tallahassee has a huge selection of new vehicles to suit every type of need and budget. Visit our website to browse our selection and get a trade-in offer.

Accept An Offer or Sell Your Vehicle

If you get a good trade-in offer, you can close out the process by accepting that offer and trading your vehicle for a new one. Alternatively, you might choose to sell your vehicle to a private buyer, which gives you cash to work with. You can use that cash as a down payment for a new vehicle or lease, or even to finance a different vehicle. When you accept a trade-in offer, you'll need to fill out some paperwork, especially if you still owe money on the loan.

The dealership can guide you through the process and provide all the necessary paperwork, so you don't have to worry about understanding this step entirely. If you don't understand any part of the terms or the documents you're signing, be sure to ask questions. It's crucial to understand what you're signing before you commit your name in ink because once you do that, you're committed to the terms outlined in the deal.

Now that you understand the trade-in process, you're ready to move to the first step. We at INFINITI of Tallahassee are happy to help guide you through the process, so call us today or book an appointment to speak to one of our certified sales representatives. You're always in expert hands at Kraft, and you won't find service of the same caliber anywhere in the Tallahassee area.

There are several benefits to buying a used vehicle vs. a new one, such as a lower price and more availability. However, if you've started shopping for a vehicle, you may have noticed that some vehicles are “certified pre-owned.” These vehicles differ from used vehicles, and it's important to know the differences before you decide on what to get. Below, we'll explain the key differences between a certified pre-owned vehicle and a used vehicle, along with what you can expect from the INFINITI certified pre-owned program.

What Is a Certified Pre-Owned Vehicle?

A certified pre-owned vehicle has been thoroughly inspected against a checklist provided by the manufacturer. For a used vehicle to become certified, it must meet certain requirements related to its age and condition. Many dealerships now offer certified pre-owned vehicles alongside other used vehicles, giving consumers more options when it comes time to buy.

Some common requirements for a vehicle to be eligible for certification include:

• Manufactured within the past few years.
• Driven under a certain number of miles.
• Has no history of major accidents or damage.

When you purchase a vehicle under the INFINITI certified pre-owned program, you also get several other benefits, including:

• Up to six years unlimited mileage warranty.
• Emergency Roadside Assistance.
• Complimentary First Year Basic Maintenance.
• Comprehensive, 167-point inspection.
• CARFAX® Vehicle History Report™.
• CARFAX® three-year Buyback Guarantee.
• Available INFINITI Elite™ Extended Protection Program.
• Complimentary Service Courtesy Vehicle.

The Differences Between Certified Pre-Owned and Used Vehicles

There are a few key differences between certified pre-owned vehicles and used vehicles. These include:

Price

One of the first differences you'll notice is the price of the vehicle. Certified pre-owned vehicles are generally more expensive than used ones. This is because certified pre-owned vehicles are typically newer and certified to be in great shape. If you were to compare two similar cars, one certified pre-owned and the other used, the certified pre-owned vehicle would likely have a higher price tag.

Reliability

Certified pre-owned vehicles are generally more reliable as well. This is because they're newer vehicles with less mileage. In addition, certified pre-owned vehicles go through a thorough inspection, which ensures the integrity of their internal machinery. While most dealerships inspect all their used vehicles before selling them to consumers, you get an extra level of security by going with a certified pre-owned vehicle that's gone through a more rigorous inspection.

Availability

If you want to explore more options, you should consider going with a used vehicle rather than a certified pre-owned one. Due to the strict eligibility requirements for certified pre-owned vehicles, many cars don't meet the standards. Therefore, there are simply more used vehicles available than certified pre-owned ones.

In addition, since certified pre-owned vehicles provide better reliability, they're often in higher demand. So, even if your local dealership sells certified pre-owned vehicles, they may not stay there long before another customer buys them. Finally, all certified pre-owned vehicles were manufactured within the past few years. If you want to explore options outside of that limited time frame, then you'll need to find a used vehicle.

Protections

Certified pre-owned vehicles come with some additional protection compared to used vehicles. For example, certified pre-owned INFINITI vehicles come with extended warranties. These warranties can protect your vehicle if a severe mechanical failure occurs. By getting a certified pre-owned vehicle, you give yourself more financial protection in the event something happens to it after you buy it. It's a good idea to explore the details of any warranty on a certified pre-owned vehicle you're considering so you know exactly what it covers.

Besides the warranties, certified pre-owned INFINITI vehicles also come with other protections. For instance, there's a year of free basic maintenance and emergency roadside assistance. These perks can help keep your vehicle in even better shape and protect you when you're out on the road.

Which Type of Pre-Owned Vehicle Is Right for You?

While certified pre-owned vehicles and used vehicles are very similar, there are a few key differences. These differences likely make one option better for you than the other. If you're looking for a vehicle on a tighter budget or planning to upgrade to another vehicle in a few years, you may prefer a used vehicle. Used vehicles are typically more affordable, and since you're planning on upgrading in a few years, you don't need to worry about the vehicle's long-term health.

On the other hand, if you plan on driving your next vehicle for a while, you may want to explore certified pre-owned vehicles. These vehicles are not only newer and have less mileage on them, but they've gone through an extensive inspection process. You'll also get a vehicle with many of the latest technology innovations, such as better entertainment and safety features. This makes certified pre-owned vehicles great investments and provides buyers with some peace of mind, knowing the vehicle is in great shape.

Get Your Next Pre-Owned INFINITI at INFINITI of Tallahassee

Whether you're looking for a certified pre-owned or used vehicle, INFINITI of Tallahassee is here to assist you if you're in the Tallahassee area. We have a wide range of used vehicles for sale along with many certified pre-owned INFINITI vehicles for you to consider. Our expert sales staff can help answer any questions about our vehicles and help you decide whether you should go with a used vehicle or a certified pre-owned one.

To get started, please browse through our current used inventory or explore our certified pre-owned options. You can also value your trade-in directly on our website to give you a better idea of your final sale price. Finally, once you're ready, please contact us to schedule an appointment with our dealership. Once you arrive, we can set you up with a test drive of any vehicle that interests you and help you through the car-buying process. Thank you for considering INFINITI of Tallahassee, and we look forward to assisting you.