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.

Answer provided by
Eric Schad
Answered on Jun 29, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
“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.”

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