Trading in my car I have a loan on. How does it work?

Answers:1   |   LastUpdateAt:2012-09-23 05:39:03  

Asked at 2012-09-22 00:51:02
Let's say I have a car loan for $ 10,000. I want to exchange it for a car that only costs $ 5,000 . Does the car dealer to pay the loan which was $ 10,000 , and then only have to pay $ 5,000 ?
Answer1hokoslaviaAnswered at 2012-09-23 05:39:03
If you say that your current car is worth 10k then they will pay the loan 10k , your next car will put you in debt 5k 5k . MedlinePlus MedlinePlus The value of your current car is not likely to be the same as what you owe on it . so you will have to adjust accordingly. MedlinePlus MedlinePlus If you end up making a trade they will tell you its worth much less than it really is , and get a little ( a lot less than it is worth ) also tells you your next car is worth more than it is , and come down a bit . Here's how to make profits and stay in business . MedlinePlus MedlinePlus through the dealer is quick and easy , that's why you pay more . MedlinePlus MedlinePlus if sold to an individual who will get more money , but it will take some time , and buying someone else will spend less . MedlinePlus MedlinePlus put enough money away for the car after it can pay cash , do not give any of the banks intrest payments . MedlinePlus MedlinePlus
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