Valued Contributor
Posts: 1,060
Registered: ‎02-13-2008
Re: Quick question about trading in my car.... Please help me.?
A lot of dealerships will roll up to $10K of an old loan onto a new one. But only on a new car. Even if you were to buy the cheapest new car out there (like $14K) and then roll in $8K of your old loan you are looking at more money financed then you currently owe. You would have to take out another 6 year loan and have roughly the same payments and still be stuck in the same rut you are now.

Find every extra penny you have left over each month and send it to the car. Once you have it paid down enough refinance it or roll in a lot less to a new car loan many years down the road when your current car actually needs to be replaced.

Sorry I was in a similar situation not long ago....so that is what I did.
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