OK at the end of August I want to trade in my current car for a 350Z and I still owe money on the car. I know I'm about $3000 upside down so I know the $3000 will be added to the new car loan. My question is when I go to trade the car in does the dealer pay my old car off first then submit my application for the new car loan with the $3000 added on or do they submit the new car loan with me still having a balance on the old car?
2007-07-27 16:49:24 · 2 answers · asked by ATC2Kobra 1 in Cars & Transportation ➔ Buying & Selling
With my experiences, it depends on who will do the financing. If the financing is through the same company you had your original loan, they can add the balance. If it is different, you will need to still pay the old loan AND the new loan.
2007-07-27 16:52:53 · answer #1 · answered by Anonymous · 0⤊ 0⤋
They will add it to the loan. So you will have to pay the interest on the new loan and they'll take care of the old loan.
2007-07-27 16:53:39 · answer #2 · answered by Fordman 7 · 0⤊ 0⤋