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Can I transfer my car loan from an older car to a new one?
I'm trying to buy a new car, but I still have a loan out on my old one. Is there any way to transfer the remaining balance to the new car?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
While you can’t transfer a
car loan
from one car to another, you can roll over the old loan balance into a new car . This type of loan is known as a rollover and is common with car dealerships. When you trade in your old car, the dealer or lender will normally pay off the remaining balance of your old loan by deducting it from your car’s trade-in value. If the trade-in value is higher than the remaining balance, you’ll receive a check for the difference.
With a rollover loan, though, the dealer or lender will take the remaining balance and roll it over into a new loan when you get your new car. While you’ll pay more in the long run due to added interest, you’ll still be able to get the new car you want without a hassle.
To save some money to pay down your loan, shop for a cheaper car insurance rate with
Jerry
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