Need help with buying a car

marik80

I currently own a vehicle that is worth less than what my remaining principle balance is. I am ok with loosing that amount. If I was to get a new car at a dealership, what typically happens is the dealer transfers over the difference in what I owe to a new car payment. That I also understand. My question is this:

I want to buy a car from a friend and have the balance of what I owe carry over to that new loan. I want to do this without using any out of pocket cash. I basically dont want to cover the difference by paying cash. Would rather just increase my monthly payment on a new loan. Is there another way to do this? Thanks

kyfdx

marik80 said:

I currently own a vehicle that is worth less than what my remaining principle balance is. I am ok with loosing that amount. If I was to get a new car at a dealership, what typically happens is the dealer transfers over the difference in what I owe to a new car payment. That I also understand. My question is this:

I want to buy a car from a friend and have the balance of what I owe carry over to that new loan. I want to do this without using any out of pocket cash. I basically dont want to cover the difference by paying cash. Would rather just increase my monthly payment on a new loan. Is there another way to do this? Thanks

Loans don't transfer to new vehicles. When you sell your current vehicle, you'll have to come up with the money to pay it off..

Banks won't loan you more than you are paying for a car, when buying from a private seller. A dealer that is taking your old car in trade can inflate the purchase amount, while over-allowing on your trade, to make it appear that you aren't borrowing more than the car is worth... But, you can't do that on your own.

marik80

So I cannot just go and get a personal loan for the amount of the difference?

kyfdx

marik80 said:

So I cannot just go and get a personal loan for the amount of the difference?

I suppose you could...