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What happens to an existent car loan if we were to buy an additional car?
What happens to an existent car loan if we were to buy an additional car?
I paid for the car in 2003 as well as owe about 00 upon it though am meditative of shopping the latest one. What will occur to my existent loan if we were to buy the latest car? we would still owe which right? Would they only supplement which volume to the latest loan amount? I’m confused about how this works. Please help!
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Comments: 5 comments
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tama
September 1st, 2009 at 9:58 pm
They will supplement a disproportion of a cars trade-in value as well as a volume due to a latest loan. This will have we upside down in a large approach in your latest loan. Here’s a math:
Amount owed: $8000
trade-in value: $5000
================
Difference $3000
New car: $15,000
+ diff : $3,000
===============
New loan: $18,000
In no time during all, your $15000 car will be value $12,000 due to depreciation, as well as you’ll still owe $18000. This leaves we upside down by $6k, as well as will have it even harder to sell or traffic a latest car in a future.
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Mr Environmental Engineer
September 1st, 2009 at 9:58 pm
If we buy in isolation celebration afterwards a difficult, though if we find a car during a dealership we like, a dealership takes caring of it all!
str8nup
September 1st, 2009 at 9:58 pm
exactly they have it receptive to advice similar to ur removing a understanding though they have been starting to rape u in a finish my aunt only did this upon a 05 try she could of went out as well as paid for 2 for a cost she paid
Doug W
September 1st, 2009 at 9:58 pm
You owe 8 grand upon a 6 year aged loan. That is a outrageous number. Either we paid for a ferrari or we got a unequivocally bad apr upon a loan. That equates to your credit is substantially not so great. You will be even worse off if we buy an additional car similar to we wish to do. we would hang with this car. your car is substantially usually value half of your superfluous amount. That income will be tacked upon to a latest car. That will enlarge your payments even higher. What is a car? You can sell it undisguised though need to have 8 grand to compensate a bank or we can’t sell it. You need to have sufficient money to have up a disproportion from what we get for it.
Larry
September 1st, 2009 at 9:58 pm
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