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  • Member
  • Member For: 16y 4m 20d
  • Gender: Male
  • Location: Straya

Hey all, have a question regarding car loans

Mate of mine got a $20,000 car and it was purchased on a loan, so the loan is tied to the car. He now wants to do a straight swap for another car.

Is it possible to do this or will he have to pay out the existing loan before he can get rid of the car?

Could he swap them and sign an affidavit to say he'll continue to pay the loan without actually owning the car?

Thanks guys.

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https://www.fordxr6turbo.com/forum/topic/61856-car-loan-questions/
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  • Team Grandpa
  • Donating Members
  • Member For: 19y 1m 18d
  • Gender: Male
  • Location: Hunter Valley

He will need to clear the loan out for sercurity to the banks and start again with a new loan for the next car

  • I love gooold member
  • Donating Members
  • Member For: 16y 5m 15d
  • Gender: Male
  • Location: Melbourne (west)

:blink: s

Check the paperwork - it might be unsecured, but more likely than not it'll be secured over the car. It may need an entirely new loan for the new car, or they may just change the security. Either way there will likely be a fee from the bank!

  • Mmmmm......BOOST
  • Member
  • Member For: 18y 1m 21d
  • Gender: Male
  • Location: central coast

If the bank believes the new car is worth whats oweing on the loan they may let him swap over the security , but banks don't value things very highly

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