Car Buying
Personal Finance
Money Management

Can I trade in my car when there is a loan balance?


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2008-05-14 00:23:51
2008-05-14 00:23:51

You can trade your car in, however the loan balance must still be satisfied.


Related Questions

yes you can trade it in. But if you owe more than what the dealer is going to give you for the car the remaining balance will be added to your new loan

The balance you owe on the car that is getting traded in will be added to your new car loan. Example You owe 10,000 for the car you want to trade in They give you 6,000 for trade in your new car costs 20,000 you will either have to pay that 4,000 or they will add it onto your new car loan from your car you traded in.

No, it most cases you cannot roll the balance of an existing car loan into a new car loan.

Yes - if the car loan was with the dealer, the dealer can sue the debtor for the balance of the car loan after the car is sold to someone else.

yes, they buy out the loan, and if the vehicle is not worth what is owed the balance can be added to the amount being finaced on the new one

Basically, Car Loan Amortization is the balance of your auto loan. It is the process of following a plan or schedule of your loans for your automobile.

Every car obtained on loan definitely is an insured one.One gives loan on insurance basis only.

Contact your lender they will tell you.

There should be no balance in trading each car. No one will accept the kind of deal.

Yes you can, but you have to owe less on the car than the trade in given. In other words if you owe 2,000 on the car and they give you three that means the loan on car 1 gets paid off and you have a 1,000 towards the price of car 2. But if you owed 5,000 on car 1 and they gave you 3,000 you would still have a balance due on car loan 1.

Anytime there is a balance due, you can pay off that balance.

Car loan calculator Canada can calculate ones car loan payments. One has to enter his/her price, down payment, trade-in value and rate into the Canada car loan calculator and the calculator will calculate ones car loan payments.

In order to trade in a car you must be the only owner listed on the certificate of title. If a creditor is listed on the title that creditor must be paid off from the proceeds from selling the car or from the new loan.

You need to pay off the present loan. Most people do that by adding the balance on to their new car loan, getting deeper and deeper into debt.

your daughter would have to sign the release documents for her car. As for the loan, whoever signed the loan would still have to pay the loan, regardless. The loan doesn't go away. If you do consider this, make sure there aren't any liens or any other claims to that car, through the bank or other institution.

I'm not sure if this is valid in every state, but I believe that if the car is sold at an auction, you will still be liable for the left over balance. If the car is sold at an auction and the sell price covers the balance of the loan then, I don't think you will need to pay anything else. Maybe some fees for the repo. I "think" this is how it works

Monthly car loan paymnts are calculated by adding the interest to the balance and diviing it into equal payments for a set time frame. You can find a car loan calcultor at

You will have to borrow enough money to pay off the balance on the car you now have plus the price of the car you are buying.

Yes. You must pay off the loan with the proceeds, and pay the difference if the proceeds are less than the loan.

You need to have the title transferred to your own name and notify the loan company of the change in ownership. Then you will need to pay the balance of the loan or renegotiate the loan with the bank. If you don't pay the loan the car will be repossessed.

Yes, you are legally bound to pay the difference is what the lender sells the car for and the balance on the loan.

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