Car dealerships that say they can get you out of your car loan, how does it work?Is it more expensiv

It would depend on how much you OWE vs how much the car is worth! If you are just trying to get rid of your loan without purchasing another vehicle, you are most likely going to get more money if you can sell the vehicle privately and pay the difference if any. If you plan on purchasing a new vehicle, well it depends on whether or not you have equity in your vehicle.

Say you owe 10k and you car is worth 8k. you are %26quot;upside down%26quot; or %26quot;buried%26quot; or %26quot;have negative equity%26quot; in your vehicle. Meaning if you decide to trade it in for another vehicle, they will place anotehr 2k on top of your new loan.

Say you owe 10k and the vehicle is worth 12k. In that case you have a positive equity of 2k and can use that as a down payment on your new loan or have the dealer cut you back a check.

Most dealerships will use Kelly Blue Book Trade In value, you can look it up yourself at

www.KBB.com

Just enter in your vehicles information and expect anywhere from Fair to Good value on your trade in. That would give you a good idea whether or not you should trade it in, stick with it, or possibly go through the trouble of selling it privately. REMEMBER that if you sell it privately and cannot get what you owe on the vehicle, you ahve to pay that difference up front before you can trasnfer the title.

Hope that helps, good luck!

Car dealerships that say they can get you out of your car loan, how does it work?Is it more expensive?

They add what you still owe onto your new loan. The expense depends on the rate of interest.

Car dealerships that say they can get you out of your car loan, how does it work?Is it more expensive?

All they do is add what you owe on your current loan to the new loan you take out to get your new car. If you owe $10,000 on your current vehicle, and trade it in to get a new car that costs $30,000 they'll give you a loan for $40,000 (less trade in value of your old vehicle).

Car dealerships that say they can get you out of your car loan, how does it work?Is it more expensive?

they really do not they just add the loan balance to the next loan creating negative equity in the loan.

Car dealerships that say they can get you out of your car loan, how does it work?Is it more expensive?

you never get out of anything you owe. it must be paid by somebody period. loans just dont go away, its a sales tactic to draw you in and set you up for failure.

Car dealerships that say they can get you out of your car loan, how does it work?Is it more expensive?

Overall, in the long run, yes, it costs you more. You may have a slightly lower payment for a much longer time. You may find yourself still making payments on a vehicle that went to the junk yard years before.

Car dealerships that say they can get you out of your car loan, how does it work?Is it more expensive?

Be carefull with this one. They will appraise your car but you want to do a little homework first so you don't get ripped off.

What they do is put a value on your car and compare it to what you still owe. If you owe more than what they appraise it at they will add that to the new car price. Therefore you would also be paying interest on that amount as well. It comes out to about 25 dollars for every thousand they add to the price.

If you go to KBB.com and put in your info you can get a guess-ta-mation to what your car is worth.

Hope that helps!

Car dealerships that say they can get you out of your car loan, how does it work?Is it more expensive?

They LIE !!!! To sell you their car . They really do not care if you can pay for it or not , so long as you get the LOAN for their car .

You end up DEEPER IN DEBT !!!!!

Car dealerships that say they can get you out of your car loan, how does it work?Is it more expensive?

You don't want to do this. I did the same thing. I got a 2002 Ford Taurus and got my old loan added on. Now my payoff is almost more than the value of the car and I'm trying to get a newer on. If I were you I would just finish paying for it becuase its not any easier. Luckily I've only talked to dealerships that won't sell me a car unless I sell mine on my own becuase I'll be so far in debt. Good luck!