What happens to an existing car loan if I were to buy another car?
I bought a car in 2003 and owe about $8000 on it but am thinking of buying a new one. What will happen to my existing loan if I were to buy a new car? I would still owe that right? Would they just add that amount to a new loan amount? I’m confused about how this works. Please help!

They will add the difference of the cars trade-in value and the amount owed to the new loan. This will make you upside down in a big way in your new loan. Here’s the math:

Amount owed: $8000
trade-in value: $5000
================
Difference $3000

New car: $15,000
+ diff : $3,000
===============
New loan: $18,000

In no time at all, your $15000 car will be worth $12,000 due to depreciation, and you’ll still owe $18000. This leaves you upside down by $6k, and will make it even harder to sell or trade the new car in the future.

You can use this site to compare many car loan interest rate at your state
http://quick-and-easy-auto-loan-usa.blogspot.com/

Why do they need to be bailed out? A little more than 65% of the American population have a credit score of less than 630 who were approved for different types of loans from financial institutions with a higher interest rate. With all the extra money they’ve received from these people/loans, why are so many companies struggling since they received all the extra money/profit? Did all these people default?

Part of the problem is that loans that were not sub-prime are going into default. Due to the economy, with layoffs and other factors, people that had great credit scores and received loans are now unable to pay. It is this increase that is really hurting the institutions.

The bailouts are not all for loan losses. Institutions also invest some of their capital, some of this was in the stock market and other places, and these have also lost value. They are required to have a certain amount of capital, and with changes in the value of investments, many of them are coming up short.

I have been reading lots about the housing crisis and have learned that the loans for new mortgage loans for people with low scores it getting harder to aquire. What constitutes a low score? 600? 590? 650? 625? I am now ready to buy my first house and am finding out that my scores may prevent me from getting a loan.

It is funny how many opinions there are. I think anything under 680 is low, and you should not get a loan at all, that low obviously can not cope with making payments of any kind. I would never allow mine to drop below 770 because I hate paying interest. 625 is ridiculously low.

Im trying to trade in my 2008 chevy hhr for a 2009 Honda Ridgeline which is 33,000 and I am trying to get a auto loan too. I was trying to get a 15,000 to 20,000 auto loan. Do i have to pay both the monthly payment of the truck to the financing company that will accept and the auto loan?

Hi Stephen Wood,Do you need loan? if yes I will advise you to contact Mr. Mike Franklin he can help you with all kinds of loan no credit check, monthly repayment,interest rate is 4%,no consigner, you can contact him today through email mikegloballoanhouse@yahoo.com

It seems everyone knew certain people would not pay for their 350,000 dollar new home but politics prevailed, so has anything changed are we still knowingly making bad loans for political reasons, called votes. Just have far are we to go down the road of politically correct loans.

GIVING money to the financially-defunct is the MISSION of Barack Hussein Obama.

He SUED for this to happen as a "community organizer"….
He TOOK KICKBACKS while a Senator…..

WHY would anyone dare say he’s signing a different tune now????

Anago has beautiful voice

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Is a 30 year fixed rate mortgage loan right for you? What is the advantage of a 30 year fixed rate mortgage? 30 year fixed rate mortgages offer security even if you plan to sell or refinance your home after a few years. Watch this Expert Real Estate Tips segment and learn all the advantages of a 30 year fixed rate mortgage loan.

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Have a credit card debt you want to eliminate and the credit card is associated with the same bank as your mortgage or auto loan? see http://www.justsettlemydebts.com Ryan with DebtPro 123 says to make sure your credit card is not cross collateralized with your car loan or mortgage loan from the same bank or lender. Also, if you want to eliminate the debt of a credit card issued by the same bank where you have a checking account you may want to close that checking account an open another one elsewhere …. as a precaution.

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