I owe approximately $8,000 on an existing auto loan. I'm interested in purchasing a new vehicle, but I'd like to keep my existing vehicle as well. Is it possible to add the existing loan on top of the new loan? Thanks.
Can I Add an Existing Auto Loan to a New Auto Loan?
Doubtful. If you want to keep your current auto and loan you would have to get a new loan for the new car. Usually the only way to do this would be if you took out a home equity loan (of which some of it might be a tax deduction) for the total of the two loans thus having one loan for the both cars.
The reason is that there would be two different lien holders on the two autos.
Can I Add an Existing Auto Loan to a New Auto Loan?
its not very likely at all if you belong to a credit union you might have an outside chance in h.. of getting it your trying to really put yourself in debt get rid of the 1 loan and then get the other car check out really how long you would have to pay for these and maybe you will see unless your making 100,000 or more a year you might be able to do it good luck
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