What happens to an existing car loan if I were to buy another car?
December 15, 2009 by admin
Filed under Car Finance
What happens to an existing car loan if I were to buy another car?
I bought a car in 2003 and owe about $8000 on it but am thinking of buying a new one. What will happen to my existing loan if I were to buy a new car? I would still owe that right? Would they just add that amount to a new loan amount? I’m confused about how this works. Please help!
If you buy private party then its difficult, but if you find a car at a dealership you like, the dealership takes care of it all!
exactly they make it sound like ur getting a deal but they are going to rape u in the end my aunt just did this on a 05 explore she could of went out and bought 2 for the price she paid
You owe 8 grand on a 6 year old loan. That is a huge number. Either you bought a ferrari or you got a really bad apr on the loan. That means your credit is probably not so great. You will be even worse off if you buy another car like you want to do. I would stick with this car. your car is probably only worth half of your remaining amount. That money will be tacked on to the new car. That will increase your payments even higher. What is the car? You can sell it outright but need to have 8 grand to pay the bank or you can’t sell it. You need to have enough cash to make up the difference from what you get for it.
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They will add the difference of the cars trade-in value and the amount owed to the new loan. This will make you upside down in a big way in your new loan. Here’s the math:
Amount owed: $8000
trade-in value: $5000
================
Difference $3000
New car: $15,000
+ diff : $3,000
===============
New loan: $18,000
In no time at all, your $15000 car will be worth $12,000 due to depreciation, and you’ll still owe $18000. This leaves you upside down by $6k, and will make it even harder to sell or trade the new car in the future.