the dealer is offering to give you as the trade in value? Can the difference be tacked onto the loan for the new car?
2007-12-02 11:22:57 · 4 answers · asked by MeMyselfandI 1 in Business & Finance ➔ Credit
Some banks and credit unions will loan up to 150% of the value of the new car just because of the situation you describe. I'm aware that BECU does it here in WA state. Others will go a bit higher than 100% but not much. However, it also means they will make the loan at a higher rate.
See how much they will pre-approve you for before you begin shopping. Take into account increased insurance rates on a more expensive car and whether or not it is more fuel efficient; if it isn't, you may not be able to afford it in the long run.
Consider selling the car yourself and getting more for it. If that is not possible, wait until your equity equals the value of the vehicle. Avoid "new car fever" as it can cause you to make rash decisions that will stick with you for a long time.
2007-12-02 11:30:34 · answer #1 · answered by Huba 6 · 1⤊ 0⤋
Sometimes it can, but be careful that you don't end up with a loan you can't pay.
If it's close, they'll usually just inflate the price of the new car by not giving you a discount on it, and show your trade in as what you still owe. If the difference is too big to do this, then there's a strong possibility you won't get the car loan.
2007-12-02 11:27:47 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
you are able to commerce it in and that they are going to tack on the adaptation to the recent motor vehicle own loan. yet there is one element nonetheless, did you get a final analysis fee for the recent motor vehicle earlier you informed them approximately your commerce-in. if not, you're unlikely to get the finished commerce-in fee for the motor vehicle. that's going to look like it yet you will not. that's why you tell them approximately your commerce and what you owe if something once you get your final analysis fee. that's advisable to flow to Kelley blue e book cyber web web site or yet another one which will inform you what your motor vehicle is relatively worth. you are able to take it to motor vehicle-max in case you have one the place you're at and that they grants you a value they might pay for it or attempt to sell it your self if plausible. stable good fortune
2016-11-13 07:36:20 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes, that is sometimes done.
2007-12-02 11:26:30 · answer #4 · answered by Anonymous · 0⤊ 0⤋