keaton185 Member 301 Member For: 16y 4m 20d Gender: Male Location: Straya Posted 22/09/09 12:44 PM Share Posted 22/09/09 12:44 PM Hey all, have a question regarding car loansMate 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. Link to comment https://www.fordxr6turbo.com/forum/topic/61856-car-loan-questions/ Share on other sites More sharing options...
Mat Donating Members 2,930 Member For: 18y 2m 5d Gender: Male Location: Caracciola Karussell Posted 22/09/09 12:48 PM Share Posted 22/09/09 12:48 PM Not if the original car is security for the loan. Link to comment https://www.fordxr6turbo.com/forum/topic/61856-car-loan-questions/#findComment-935628 Share on other sites More sharing options...
SHOCK Team Grandpa Donating Members 1,921 Member For: 19y 1m 18d Gender: Male Location: Hunter Valley Posted 22/09/09 12:50 PM Share Posted 22/09/09 12:50 PM He will need to clear the loan out for sercurity to the banks and start again with a new loan for the next car Link to comment https://www.fordxr6turbo.com/forum/topic/61856-car-loan-questions/#findComment-935629 Share on other sites More sharing options...
ronburgundy I love gooold member Donating Members 1,222 Member For: 16y 5m 15d Gender: Male Location: Melbourne (west) Posted 22/09/09 09:47 PM Share Posted 22/09/09 09:47 PM sCheck 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! Link to comment https://www.fordxr6turbo.com/forum/topic/61856-car-loan-questions/#findComment-935685 Share on other sites More sharing options...
our06t Mmmmm......BOOST Member 3,135 Member For: 18y 1m 21d Gender: Male Location: central coast Posted 23/09/09 02:14 AM Share Posted 23/09/09 02:14 AM 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 Link to comment https://www.fordxr6turbo.com/forum/topic/61856-car-loan-questions/#findComment-935744 Share on other sites More sharing options...
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