Question on Auto Loan and Getting another loan

[crazydebt]

hello everyone. I currently have a capital one auto loan in the amount of 16k. Its been a year of paying on time every month. The initial loan amount was 20k. The loan is for 3 years at 11.95 percent. Anyways, this is what I am wondering?

What happen if I want to get another car that is more practical. I have a convertible right now. Let say I want a car that is worth 25k or so. The car that I have now is probably worth 17-18k, KBB gives it 19k. KBB states that if I do a trade-in it is worth 15K.

So what would happen if I got a 25k car at a dealership and wanted to trade in my car and say the dealer gives me 15k for the car. I have to pay the 1k that is left on the loan, right? Then I need to finance the 25k on the new car? could I apply for a capital one auto loan again? Just want to see what my options are? if you can help, i would appreicate it, thanks.

[CATCHMEIFYOUCAN]

When you buy a new car usually whatever is left to owe on the car you are selling will just be added to the new loan ! I sped read your post - you are buying from the same dealer? Financing through the same bank? Thats what will happen with the "remaining amount."

CMIYC

[HHM]

As CATCHME...has already pointed out, your only option would be to go through a dealership and probably by a "new" car. Moreover, you probably could not use Captial One again...(nor would want to) since you have to finance negative equity.
The reason being, if you let the dealership do the financing, they can present you with many more options and throw manufacturer incentive money into the deal to finance that negative equity...if you walk in with a CapOne blank check, from the dealerships perspective, that is merely a cash transaction.