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How do I transfer my car loan to a different vehicle?

I want to get a new car, but I still have a loan on my old car. Is there any way I can transfer my old car loan to a new car?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You technically can’t transfer your
car loan
 to a different vehicle—however, you have a few options to get out of an old car loan while trying to
buy a new vehicle
:
  • If your car is worth more than you currently owe on its loan: You can
    sell or trade in your car
    , then use the proceeds to pay off your current loan. This may even leave you with a surplus that you can put towards a
    down payment on your next loan
    .
  • If your car is worth less than you currently owe on its loan: You still have the option to sell or trade in your car; however, you’ll need to roll over any remaining balance from your previous loan into your next loan or a different loan altogether.
Keep in mind: Rolling over the remaining balance from an old car to a new car will put you even further
upside down on your loan.
In this case, you’re much better off
paying off your current loan
 before you try to finance a new vehicle.
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