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Can I roll my current auto loan into a new auto loan?
"Can I roll the balance of my loan ($1,000) into a new loan? I have about $9,000 left on my current car loan, and I know my car is worth about $8,000 in trade-in value."
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Yes, you can certainly roll that remaining balance into the new loan.
However, you should note that doing so might make you upside down on your
new car
loan for longer than you would be otherwise.How to get out of an upside down car loan
isn’t always easy, and you may end up taking a substantial financial hit on the car. But with just $1,000 extra added to the loan, you’ll probably be alright in terms of finances.”
View full answer
- Gregory R.
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