bank loans
Asked by BOB May 17, 2019 at 05:39 PM about the 2011 Mercedes-Benz M-Class ML 350 4MATIC
Question type: Car Selling & Trading In
Im upside down on my existing car by about $7000
i am upside down on the car I want to trade in.
how much will a bank lend on the related car and what will i need for a down
pament to make this deal work
2 Answers
the bank will not give a loan for greater than value of new car. Sell you old car via private sale, this will help get best selling price. But this wont make up $7000 If you trade in your car you'll get significantly lower price than car is worth. Maybe try a lease and see what you can roll into that
You will probably need to pay longer on your car before you attempt to roll it over.