Get Hours and Directions


101 Ferguson Road, Annapolis, MD, 21409

Get Directions  Map depicting surroundiing area of Land Rover Annapolis

Dealership Info

Phone Numbers:Sales Hours:
  • Mon - Fri9:00 AM - 8:00 PM
  • Sat9:00 AM - 6:00 PM
  • SunClosed
Service Hours:
  • Mon - Fri7:30 AM - 6:00 PM
  • Sat8:00 AM - 4:00 PM
  • SunClosed
Parts Hours:
  • Mon - Fri7:30 AM - 6:00 PM
  • Sat8:00 AM - 4:00 PM
  • SunClosed

How to Trade in a Car That’s Not Paid Off

Tiny car with keys


Can you trade in a financed car? Yes, you can—even if you haven’t come close to paying off your loan! You’ll just need to find out if you have positive or negative equity before you take the next steps. Our dealership would be happy to buy your used car, and we’ve laid out everything you need to know about how to trade in a car that’s not paid off!

How to Trade in a Car You Still Owe On: Positive vs. Negative Equity

Estimating your vehicle’s value is one of the most important parts of learning how to trade in a car that you still owe on. We offer a trade-in valuation tool that can give you a real estimate in minutes—but it’s not a bad idea to check out resources like Kelley Blue Book while you’re doing research. Ultimately, you can get a precise sense of your vehicle’s true value by getting multiple offers from multiple dealerships near Edgewater and Crofton. (Don’t forget: you can maximize your return by trading in your car at the perfect time!)

Once you’ve determined your vehicle’s value, review your monthly statement or contact your lender to find out how much you still owe on your loan.

If your vehicle is worth more than what you owe, then congratulations! You have positive equity and can expect to receive a return on your investment, even after you’ve paid off what remains of your loan. Just contact our team to schedule your appraisal, and we’ll take care of the rest.

If your vehicle is worth less than what you owe, you’ll have several options to consider. Although you can certainly proceed with your trade-in, you’ll still be responsible for whatever remains of the loan after your vehicle’s value has been deducted.

Trading in a Car with Negative Equity

If you have negative equity, it means that you’ll still owe money on your loan after you trade in your vehicle. If you have money set aside, it’s a good idea to pay off this remaining balance with a single lump-sum payment.

If paying off the remaining balance isn’t possible, you still have options. Most dealerships near Annapolis and Severna Park are willing to ‘roll over’ a loan balance from a previous purchase onto a new financing package. Here’s how this works:

  • You’ll pick out a new or pre-owned vehicle that suits your needs. Remember to include the remaining balance from your previous purchase when you’re making a budget and calculating your monthly payments.
  • When you apply for financing, you’ll need to request enough money to pay off your old loan and cover the cost of your new car.
  • Rolling over a loan allows you to move forward with one monthly payment, instead of two.

Learn More About the Trade-in Process with Land Rover Annapolis

Explore our car buying tips to learn more about trading in a vehicle or purchasing a new one! Ready to move forward today? Get in touch with our team to set up a test drive or ask questions about rolling over your current loan!

More from Land Rover Annapolis

  • 2023 Range Rover Colors

    Choosing to drive home in the all-new Range Rover is only the first step. Before you build and order your chosen model, you’ll want to get familiar with the full range of trim levels, powertrains, and—perhaps most exciting of all—color options! Our guide to the 2023 Range Rover colors is designed to help you get…

  • 2023 Range Rover Trim Levels

      The 2023 Range Rover is available with three different powertrains, two wheelbases, two interior layouts, and four trim levels—and if you’re not quite sure what to look for, comparing the 2023 Range Rover configurations can be a real challenge! With that said, you don’t have to attempt this task alone. The team at Land Rover Annapolis…

  • 2023 Land Rover Discovery Sport Trim Levels

      Are you gearing up for adventure? It’s easy to get everything you desire when you explore the 2023 Land Rover Discovery Sport trim levels with Land Rover Annapolis! This popular and capable SUV has the features and performance specs you’ll need to get more enjoyment out of every drive—and that’s true no matter which configuration you…

Land Rover Annapolis 39.0177406, -76.4824321.