PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
Why did the balance go up on my car loan?
I just got my car loan statement after I traded in my old car, and I noticed the total balance went up. Why would this happen?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Your car loan balance went up? That’s not supposed to happen! But don’t fear; we’ll get to the bottom of this.
In all likelihood, the reason your new
car loan
balance went up is because you rolled the old car loan into it.When you trade a car in that still has a balance, any remaining balance gets rolled into the new loan. So, it’s likely you became upside down on your initial loan, which means your car was worth less than what you owed on the original loan. Thus, you’ll see an increase in the balance with the trade-in.
To offset this increase, you can save money by shopping around for car insurance. With the
Jerry
app, you can compare prices from over 50 top providers to make sure you get the best price for the coverage you want. View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies