What happens to an existing car loan if I were to buy another car?
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What happens to an existing car loan if I were to buy another car?

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Home > Bad Credit Car Loan Help

Let's say for example you purchased a 2007 Dodge Grand Caravan SE and got conventional bank financing from a local used car dealership and had a loan balance of $5000.00 but you were thinking about purchasing a another car. The financing company will add the difference of the cars trade-in value and the amount owned to the new car loan. This process will often make the consumer upside down on the new loan but this isn't all uncommon in this circumstance.

Below were going to break down the math for you to help you better understand the buying process in this scenaro.

The amount owed is $5000
The trade-in value is $3000

The difference of $2000 will be added to the new car loan.

The new car loan is $22,000 plus $2000. The new loan dollar amount would be $24,000.

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What happens to an existing car loan if I were to buy another car

 

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