Can you buy a new car and add on the remaining balance for another loan?

It is possible to buy a new car and add the remaining balance of another loan to the new car loan. This can be done by refinancing both loans into a single, larger loan. However, it is important to note that this may not always be the best financial decision.

Adding the remaining balance of another loan to a new car loan will increase the amount of debt you have and may result in higher monthly payments. Additionally, refinancing may involve additional fees and charges, such as an application fee, appraisal fee, and prepayment penalty. It is important to compare the terms and conditions of the new loan with your existing loans to ensure that refinancing is the best option for you.

If you are considering adding the remaining balance of another loan to a new car loan, it is important to do your research and compare multiple loan offers from different lenders to ensure that you get the best possible terms. Additionally, it may be helpful to speak with a financial advisor or loan officer to discuss your specific situation and determine the best course of action.