Can I trade in a car that’s still under finance?

Yes, we can appraise your vehicle, get a payout quote, and apply that value to your new finance agreement. Many customers do this with great results.

What if my car loan is more than my car’s value?

We can often include the shortfall in your new loan, depending on approval and lending criteria. We'll explain everything clearly up front.

Will this affect my credit score?

Only a formal application would involve a credit check. Our finance team can guide you through your options first — no obligation.

Home » Finance » Trade-In With Existing Loan

Trade-In With Existing Loan

Trade In Your Car — Even If You Still Owe Money

Wondering if you can trade in your car while it’s still under finance? At Dave Allen Motors in Hamilton, we make it simple. Whether you still have a few payments to go, or a full loan balance, we can help you upgrade without the stress.

How Does It Work?

Here’s how we help customers every week who want to trade in a financed vehicle:

Vehicle Appraisal: We assess your current car and offer a fair trade-in value.
Loan Final Settlement: We need you to contact your finance company and get a final settlement amount.
We Pay Off the Loan: We settle your existing loan as part of the trade-in process.
Finance the Difference: If needed, we roll any shortfall into your new car loan (subject to lending approval).

✅ If your trade-in is worth more than the loan balance, you keep the difference.

✅ If it's worth less we can still help, you may qualify for top-up finance.

What If I Have Negative Equity?

No worries. Many of our customers are in the same position. We’ll clearly explain your options and help create a finance plan that works, often with no deposit and affordable repayments.

Why Choose Dave Allen Motors?

Over 575+ 5-Star Google Reviews
MTA Assured Dealership you can trust
On-site finance manager to handle everything
Over 250+ quality used vehicles in stock
Fast trade-ins, quick decisions, and friendly service

Want a Fast Appraisal?

Start My Trade-In & Finance Application

Takes just 2 minutes. Obligation-free. Fast response.

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Customer Review

"I still had a few thousand left on my old car loan, but Dave Allen Motors helped me trade it in and upgrade — all in one visit. Easy, friendly, and fast!"
– ⭐⭐⭐⭐⭐ Google Reviewer