Question about loans, liens and trading

Quick question, If you have a loan out on a vehicle and say you want to trade towards another vehicle, how does that exactly work? Does the loan HAVE to be paid off b4 hand or can the lien just be transfered to the new car?

i would just take out a seperate loan and use it to pay off the car and then trade it... because your new car will be all paid off and you will be able to just pay off your seperate loan to the bank.

You can do it like this...Sell your car for the total value, ask for cash in hand at the sale of the car. You pay off your debt with the cash and keep what you have left over, hence profit...or you can sell it basically by giving over payments to the other person and making barely any cash off it if your still deep in the hole, and lastly, you can sell it to someone and keep the title, and make the payments yourself on your credit. Bascially the last step is the same as the first one. No matter what, you gotta make sure to get rid of your debts though.

-JO
NWR

what you do...is take out another loan for the amount of your current one...but just set this new one up to use the other vehicle as the lien...of course you will need the title unless your in good enuf with your bank so that they will trust you to bring it when the deal is done...and damn dude u change your mind with cars more than anyone ive ever seen...

most banks will not allow someone else to just "assume" or take over your loan without refinancing it in your name....if your in the same general area you could go to the bank and work it all out with a loan officer atthe bank...basically getting a new loan for the new vehicle and thenthe other person get one for yours at the same time

Edited: 1/17/2006 10:48:40 AM by ih8bumps

I have done this,yes you can trade in you car,truck what ever to the dealer and take out another loan,but depending on how much you owe will depend on if its a good idea because the dealer will only give you below trade in depending on condition...So if your at the end of one loan and have great credit then it could work out for you and you could use the money for a down payment...But,If your like me now and owe 20,000 and book is less then that then you'll have to try to sell it,its just the smartest way to go...If lets say I try to trade it in the rest of the money will have to be rolled into the next loan if the bank will even do it(thats were your credit comes in) and then you'll end up paying alot more for something and will have a hard time getting out of it if you change your mind later...

hey Kevin if you don't mind me asking what are you trying to buy this time around...

Not gonna trade the s10 in just trade it with someone else for their vehicle. I just called the bank and they are suppose to get back to me in a few minutes about it. I was going to trade my taco in and try and make payments till I sold the s10 but I thought about it and I'll prolly just trade the s10 with someone for a car and sell the taco instead while I drive the car. What am I looking for? Shit I dunno I've got a couple things I'm looking at, probably a VW, honda, subaru or an audi

VW's are shit.

i would steer clear. i hate mine. it's a terd.


What you need to do is the get the truck off a vehical loan, and onto a PERSONAL loan. That way you don't have to have the coladeral. (Truck title). Then when you get a new ride, go refinace it.

Otherwise you have what we call "a non-clean title in hand".

It's hard to trade when you don't have a lien less title.

Im with Jey....

VW's are JUNK!