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Yes, but it makes your financial situation worse to do that.
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∙ 11y ago
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If you trade in a car that you owe money on will you have to pay the previous car loan plus your new loan?
Yes. It is referred to as "upside down" financing.
Can you trade a car that's upside down?
As long as we are talking about the loan being upside down, not the car:Yes you can trade it,BUTIt is not recommended as you will pay a large penalty in extra interest.
Can you buy a car if you are 12000 upside down with your trade in?
You can but the amount(12,000) will be added to the new car loan. If you were to sell your car that you have now and pay it off, you would be better off.
When upside down in a car loan how much more do you pay on a trade in?
If you are upside down with your car loan, meaning you owe more on it than what it is worth, you will need to pay the deficiency. That means if you owe $11,000 on your car and it is worth $9,500, then you will need to come up with $1,500 to erase the deficiency.Keep in mind that this may only be the first step. You may also need to come up with a down payment on top of paying the loan deficiency. If you do not put money down and are still approved for a car loan, then you will find yourself upside down with your new car.
Can you use a car loan as a down payment on a car?
ya of curse you can use the upside down car loan for buying a new car...
Can I trade in my car when there is a loan balance?
You can trade your car in, however the loan balance must still be satisfied.
What happen if you can not pay your car loan?
When you don't make regular payments, your car will repossessed. Now if you had an upside down loan, you will still owe the lender.
Can you get out of a car loan contract?
NO. Trade or Refinance
How do you trade in your car when you are still paying the loan for the car?
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.
How can you re-negotiate a car loan for what it is worth rather than what you owe?
You can't. The lender wants what is owed on the car not what it is worth. This is being upside down on the loan.
Can you trade if you are upside down?
An upside-down vehicle is one that has a payoff that exceeds its trade-in value.If you are upside down and want to trade in your old car for a new one, your negative equity doesn’t magically disappear-it follows you to your next vehicle.
How do you get out of a car loan?
You must know that it is legal obligation to pay off a car loan. To get out of a car loan, make regular payments. If doing so is becoming difficult for you, then you can sell your car and pay off your loan. Here, there would be problem if you have upside down loan. If your higher monthly payments are making things difficult for you, you can refinance your car.
