Can you transfer your auto loan?

I am going to be selling my car privately and using some of the money to put on a down payment for a new car, can I still keep my same loan if I go to the same dealership and will it just increase my monthly payments? Also should I use the rest of my money to pay off most of the existing loan or does that look bad on your credit? anyone have any advise?

Can you transfer your auto loan?

You can't sell the car unless the current loan is paid in full when you signed the contract with the financing company I guarantee it said that. The car is the collateral for the loan so to sell it the loan must be closed. As for transferring the loan there would be no benefit for that you may want to stick with the same finance company but they will create a new loan. Now if you owe more than the car you are selling is worth which is called being upside down then you will have to trade the vehicle in at the dealer they will give you a certain amount for your trade which probably will not pay it off so the extra will be tacked on to your new car. It's called negative equity. It's like this you have a car that will trade in for $5000 but you still owe the bank $6500 so the dealer will give you $5000 and the other $1500 will be added to the price of your new car. As for downpayment if you don't have the cash for one and you are upside down you probably aren't going to have one. But don't worry if you have good or even decent credit the bank will loan the money for the car even with no down payment and tacking on negative equity. Most banks will loan 115% of a vehicles value max. while they tell you they prefer to loan 75% if they want your business they will make it happen. If you are dead set on selling it yourself the only option you have is for example like we said you owe $6500 and can sell for $5000 you can either come up with the $1500 out of pocket or you may get a personal loan for the money but then you will basically have two loans for one car, which would royally suck, one thing I do definitely know is the bank you currently have your car through is going to want every dime of their money the day you sell the car no ands ifs or buts! You may get into serious legal trouble if you don't pay in full upon sale of the car.