Can I buy a car like this?
So I still hadn’t finished paying my car financially. Let’s say I still have $7000 owe when I sell my car back to my dealer. And will I be able to pay that money off monthly ? Is it possible?
- Hamoon ALv 41 month ago
i wouldn't do that keep making your payments because if you do that it mean upside let me give you example you 7000 on the current car and the car you want to buy is around 30000 and the trade in value is 4000 so this means they will put 3000 additional so it will be 33000 plus tax and licensing
- ScottLv 71 month ago
You cannot sell or trade your car without paying off the loan. So if you owe $27k and the dealer will give you $20k trade in value, that leaves $7k you still owe. Here's the problem: if you want to buy a car worth $15k (just random numbers to make my point) you would need to borrow $22k ($15k + $7k negative equity). Most lenders will not allow that much above the actual value of the vehicle you're buying. They would be loaning you $22k for a vehicle worth only $15k. In addition you will be upside down in your loan and won't be able to sell or trade the new vehicle for several years. I never advise anyone to roll negative equity from one loan into another. You can't climb out of a hole by digging it deeper.
- Anonymous2 months ago
You cannot roll very much negative equity into a new car loan, so the answer is probably NO. It depends on how much the dealer will give you for a trade in and how expensive the car you want to buy costs.
- BillLv 62 months ago
If the car is worth more than you owe on it, you will have no problem selling it or trading it in.
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