How to trade in a financed car in Alberta

That depends on your driving habits and goals. Leasing may offer lower monthly payments and the opportunity to drive a newer vehicle more often. Financing allows you to build ownership and drive without mileage restrictions. Our team at Sherwood Ford can help you compare both options and choose the one that fits your lifestyle. 

Yes, there are several ways to exit a vehicle loan. You may be able to sell the vehicle, trade it in, refinance the loan, or pay off the remaining balance. The best option depends on your financial situation and how much you still owe on the vehicle. 

Even if you still have a loan, you can sell your vehicle. The loan balance will need to be paid off as part of the transaction. Many drivers choose to sell or trade their financed vehicle through a dealership because the process is often quicker and easier. 

Many Alberta drivers trade in vehicles that still have loans attached to them. At Sherwood Ford, we can determine your vehicle’s value, calculate any remaining balance, and explain how your trade-in can be applied toward your next vehicle purchase. 

The process starts with a vehicle appraisal. Once the dealership determines your vehicle’s value, that amount is applied toward your next purchase. If there is still money owing on the loan, the remaining balance is factored into the transaction. Our team will walk you through every step. 

Your trade-in value depends on factors such as the vehicle’s age, condition, mileage, maintenance history, and current market demand. The easiest way to find out what your vehicle is worth is to use our free online estimate tool. You can also bring it to Sherwood Ford for a free professional appraisal. We offer fair market evaluations and can provide a no-obligation trade-in estimate.