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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.
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