question about car loans

Discussion in 'Credit Talk' started by Flagirl, Jan 5, 2001.

  1. Flagirl

    Flagirl Well-Known Member

    ok- here's my situation. I have a car right now that has a loan. The loan is in my name and my dad's. I was just approved for a loan by People First so that I can buy a new car. How do I go about paying off the old loan and buying my new car? Does this make sense?
  2. Cadillac408

    Cadillac408 Well-Known Member

    Yes, you make sense. My guess is that you can do 1 of 2 things:

    1. Trade in car to dealer and pray that the amount they give you for the car can pay off the loan. If not, they can always add the difference to the price of your new car! That sucks! :-(

    2. Sell the car privately. You'll probably get more money this way. Then use that money to pay the loan off.

    If you don't mind me asking, what year and make is your car? How many miles on it approx.? How much approx. do you owe on it?

    There are 2 web sites that you can go to and check the trade-in and market value of your car. I used these sites to negotiate when I bought my Caddy.

Share This Page