i got into a car crash and totaled my car i still owe the finance company arond 5000 dollars after my insurance company pays them off for my car i was wondering if the finance company would finance a cheaper car for me and tack on what i still owe on the previous loan to a new loan any xperience or help would be greatly appreciated :)...
Getting a new auto loan when you have an old one?
What you did is total a car that was worth less than what you owe. The short answer is yes it is possible to roll that $5000 you still owe the bank on the totaled car. However the bank will only let you borrow so much on a car. For example, most banks will let you finance up to 130% of wholesale or trade value (of invoice if new) if you have a 720+ credit score and your debit to income isn't to high. So if you were buying a $20K invoiced car the most you could finance would be $26K. If you have cash down or are buying a car with a rebate, it helps even more.
Getting a new auto loan when you have an old one?
depends on what u earn from work, u will have to talk to them first, yahoo answers cant answer that for u
Getting a new auto loan when you have an old one?
There are many auto loan options available today. Today, stiff competition among auto loan financing companies%26lt;!--has made it possible to get a car loan or an auto loan at favorable terms.
http://best-loans.awardspace.com/autoloa...
However, before you sign the paper for financing your favorite set of wheels, do your homework to ensure that you get the best car--%26gt;finance option. You can apply for online car loans on the Internet, or get it from your car dealer.
Getting a new auto loan when you have an old one?
Since the car you would be buying is the collateral for the loan, they aren't going to finance you for a whole lot more than the cost of the new car. To do otherwise wouldn't be a good business practice. In addition, you will seriously be upside down in the new loan the minute you drive off the lot.
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