How does financing work if you want to purchase a car, but the car you own is worth less than what is owed? For example, I have a car that I still owe $15k for but it is worth $8600.

Asked by Jul 17, 2017 at 12:52 PM

Question type: Car Selling & Trading In

1 Answer

86,715

You come up with enough money to pay off your old car or you roll over the owed amount into your new loan which is a bad idea as your payments will be higher and you will be even more upside down than before. Of course you must have good credit and lenders may not give you a loan anyway.

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