Could I apply with Eloan, Rategenius, etc for a new car loan for a set amount of money, say 25000, and pay for a new car and negative equity in an old car. Or do they want the total loan amount to go toward the new car purchase. I have checked at my bank and credit union and they told me No, I could not do it. Let me know if anyone has done this and who you went through.
In my experience, it depends on how much upside down you are. The institution lending you the money is not going to agree to let you do that. If you go through a dealer, they can somtimes find a way to add some of your negative equity into the new car - unknown to the bank.
I thinking I will have to end up going through the dealer. It may be best. But I did want to see if anyone has used Eloan, Rategenius, etc to do it. thanks for responding. But still, If anyone has done this through one of them PLEASE let me know. It might be a better alternative for me. thanks
I wish I could type......my upside down equity is going to be about 5-6000. I want to buy a honda accord and finance it for 60 months and keep it for the term of the loan so I'm not dealing with negative equity again, instead of trading it in and continuing the pattern. I'm just trying to see if I have any other options besides the dealer.
I know exactly what you mean. I fell into that trap of negative equity over and over for 6 years. I just got out of a lease in December (worst mistake ever for me) and bought my new car. I was upside down in the realm of 10k. Thought I was doomed. But with a large enough down payment, the dealer was willing to make a deal and I have no negative equity in my new loan. It feels good to finally be free and clear! But I can understand you wanting to steer clear of dealers. That's how I got in that mess in the first place.
I had a little over 5k to put down. The dealer ate the difference. With your down payment you may be able to work a deal. You've got about 50% of your negative equity covered.
