You shouldn;t have any problem doing that with a term loan, which this loan agreement likely is.Hi
I have a Credit Union loan for my car and Im looking to now possibly trade it in against another car.
Would this existing loan count as finance on the car and would I have to clear the loan before trade in?
Im hoping to keep the loan as-is and just pay any difference myself to seller, if that makes sense.
Thanks
Im hoping to keep the loan as-is and just pay any difference myself to seller, if that makes sense.
Yes, it will be a little while before I go down this route and I am planning to save the difference and pay off more of the loan first. I have a 2013 hyundai i30 and just want to go up a few years (not necessarily same make/model) so depending on trade in value, put in just a few thousand.That should work ok. The loan is for a car... any car... you can do what you propose. All the CU cares about is getting repaid.
Just make sure you are comfortable paying the loan, paying the difference and that you don't over stretch yourself financially.
it will be a little while before I go down this route a
Car loan: 8400 at 5.1% over 5 years 160pm
Other loan: 25,000 at 5.7% over 10 years , 273pm
Savings: 2k
From your Money Makeover thread
You have very high and very expensive loans. Your priority should be to reduce these as quickly as possible.
I understand the point about trading up your car, but I am not sure you can afford to do so.
Someone else might be able to advise on the optimum way to buy a car.
Brendan
Its a loan from the credit union and thetes a reduced rate for car loan vs personal loan.I would think that unless you have a HP finance deal or PCP loan, then a personal loan would not be assigned to a car
The loan is not secured against the car . Only HP lease or PCP is secured . You have a personal loan . Whether it’s for a car or to buy a hair transplant the credit union don’t care once you repay themIts a loan from the credit union and thetes a reduced rate for car loan vs personal loan.
The loan contract doesnt state the reg or anything, but the draft was made out to the garage.
No to both questions.Would this existing loan count as finance on the car and would I have to clear the loan before trade in?
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