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Can I transfer my current loan to a different car?
I have a car loan on a Honda Civic, but I'm looking to upgrade to a newer model. Can I transfer the loan on my current car to the new one?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The new Honda Civics are looking pretty posh, so that’s an awesome upgrade!
For example, if your balance on your old car loan is $3,500 after you trade your vehicle in, you can add that to your new car loan in a process known as a rollover. This will add the $3,500 balance to your new loan. So if the new Civic is $25,000, your loan balance would be $28,500.
Keep in mind, rollovers are always at the discretion of the lender, and approval is based on your credit score and income.
Alternatively, you can probably make more cash
selling your car
privately. This will help you pay down the original loan balance more, or it can pay it off entirely. Always weigh the difference between trade-ins and selling privately to see what is the better option. When you get the new car, you can transfer the car insurance from one vehicle to the other. That’s when
Jerry
can lend a helping hand. As a full-service car insurance broker, Jerry allows you to compare rates, then switches over the policy and helps to cancel the old one. It doesn’t get much easier than that.View full answer
- Gregory R.
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