Overhaulin'

Can I transfer an old car loan balance to a new car loan without a trade in?

I owe $2000 on my old car. I want a new car. I am giving my old car to my mom. Can I transfer the $2000 to my new car loan without a trade-in? (The car definitely is not worth $2000)My husband thinks I have to trade it in to transfer the balance.

Public Comments

1. simple answer is no. expanded answer is...people wonder why this country is up to its ears in debt. pay it off. if you cant afford to pay it off, you cant afford a new car
2. Check the blue book value of the new car (www.kbb.com) If the value is $2000 more than what you are paying for it you shouldn't have a problem. It depends on the bank you go through, but most will finance the full blue book value so if you get $2000 over you can take the difference to pay off the old loan. I just did this a while ago and used the extra money for a warranty and modifications, so I don't think you should have much trouble. Good Luck.
3. I used to sell cars, so the answer to that question is yes, you can tranfer your balance as long as you finance or lease the car with the same bank you bought your old car with.