Overhaulin'

Can I transfer my current car loan into a new car loan?

I bought a Honda Accord this year on March in a local/small dealer, around July I had a car accident and well the insurance didn't cover any damages, so now I'm paying for a car that is totaled and well not drive-able. My question is, if I go to another dealer(any real big dealer like Honda, Nissan, Ford, etc) will they be able to transfer my current balance of the car I owe, into the new one that I'll get?

Public Comments

1. well my dad told me you cant do that but anyway you have an accident i would try to repair it in discount store and then sell it.You could sell it for probably for 13,000 and then take a loan and buy a new car.
2. You have made less than 1 year of payments on the Honda, so I assume you owe virtually the entire balance of that loan . If the car you buy costs as much as the wrecked vehicle, you will need a loan for twice the value of the new car. - it is unlikely you will find a lender who will lend you that much money with only the car as collateral.It doesn't matter if you buy from a dealership - the lender makes the decision on the loan. Since you didn't collect anything on the wreck, I assume you did not have collision. As you have seen, it is important to maintain collision on any vehicle that is not fully paid for, in order to keep out of the bind you are in now.
3. I doubt it. Since the Honda is wrecked, it's pretty much worthless which would mean that a combined loan would be much higher than the value of the new vehicle. If you were to default on that combined loan, the only collateral would be the new car which would not cover the loan value. It would not make business sense for the lender to do that.