Overhaulin'

can you transfer a car loan to a new car?

I have a pre-existing car loan but the car is not in the best condition...if I were to buy a new car would I have to still pay off that loan? or could i have more money added on to it, or take out a second loan

Public Comments

1. If you owe uncle Joe $10 but borrow $20 from aunt Sue, do you still have to pay uncle Joe? Same thing. Yes, unless you trade in the old car and the dealer pays it off and adds that balance to your new loan, you would have to continue to pay on it.
2. you would add your existing loan to your new car loan as long as your new loan is not over 110% of the value of the new car. This is where the dealer incentives come in to play. They say they you get $6000 of the new car well that $6000 alows you to add your old loan on to it. They usually like the customer to buy the car with the bigger incentive or higher price. the higher price allows them to add more of your loan to the new loan because of the percentages.
3. Its quite impossible in your case as your car is not in good condition. I will suggest you second option to have more money added on to it. For more info on New car loans and other car finance solutions visit below website.