Trading in a Financed Car for Lease

Can you trade in a financed car? Yes you can. It just adds a step or two, but trading in a financed car that is not paid off is quite normal. Long story short, the amount owed can be “rolled over” into the new loan if necessary, or paid off as you switch vehicles, depending on the value difference between the new and old cars. How does trading in a financed car work in the Monticello or Anoka areas? Here are some specifics:

1. Find your latest monthly statement of your loan to understand the amount.
2. Use our Value Your Trade or a service like Kelley Blue Book to estimate the value of your current car or truck.
3. When the remaining amount on the loan that is less than your trading value, trading in a financed car will provide you extra funds, while if the loan balance is more than the value of the vehicle, you will have to either pay extra or roll the balance of the loan over into your new loan.

Contact us for more information on trading in a financed car for a lease!

Purchasing From a Private Seller: Pros & Cons

Pros:

• Niche Market: If you’re looking for a specific car make and model, you may have an easier time finding what you’re looking for with a private seller. Usually, you won’t find rare or “classic” vehicles for sale at an auto dealership.
• Owner’s Perspective: Buying from a private seller in Anoka means they have first-hand knowledge of the vehicle, so assuming they’re 100% honest, they can give you a realistic idea of what to expect from the car.

Cons:

• No Coverage/Protection: If you buy your next used car from a private seller, there won’t be any warranty protection if the car breaks down. Even if breaks down the very same day you buy it, you’ll be 100% liable for the repair bill. Typically, car dealerships offer some sort of warranty coverage on their used cars for sale, so you’ll be covered for any breakdowns.

Buying from a Dealership: Pros & Cons

Pros:

• Trade-Ins: This may be the best benefit of buying from a dealer vs. private seller. When you purchase from a dealership, you get a trade-in estimate on your current vehicle, and if that amount is over what you owe on it, you can apply those funds toward the price of the vehicle you want to buy.
• Competitive Prices: Dealerships use a “quantity of scale” business model, which means that they price their used vehicles according to market values and to sell quickly. Plus, prices can typically be negotiated.
• Wide Selection: You’ll have a wide selection of different types of used cars to choose from for your Ramsey lifestyle and budget.
• Service & Parts Centers: At Cornerstone Auto, we will help you keep your used car in premium condition thanks to our outstanding auto service and parts centers.
• Certified Pre-Owned Inventory: Another benefit of buying from a car dealer vs. private sellers is that you can find certified pre-owned models at most auto dealerships. Certified Pre-Owned vehicles go through an extensive inspection process, offer warranty coverage, roadside assistance, and more.

Cons:

• Auto Financing: Most car shoppers who purchase cars from dealers finance their purchases, which isn’t possible with a private seller. While the most cost-effective way to purchase a car is to pay with cash, that’s not possible for most Coon Rapids drivers.

Shop For Your Next pre-Owned Car at Cornerstone Auto!

By now, you probably understand why buying from a dealer vs. private seller is best in the Ramsey and Coon Rapids areas. At Cornerstone Auto, you’ll find an extensive inventory of gently used cars for sale. We invite you to browse our inventory online or at the dealership. We look forward to helping you find your next vehicle! Reach out to us today!