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I still owe money on my current car, but I would like to buy a new one. Can’t I just roll the debt into a new Rhode Island auto loan?

April 26, 2017auto loan buy car money rhode island roll

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I still owe money on my current car, but I would like to buy a new one. Can’t I just roll the debt into a new Rhode Island auto loan?

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You can, but you probably shouldn’t. Unless your present car is absolutely on its last legs, you’d be better off just sticking it out until the car is paid off free and clear. Rhode Island auto loans that roll old vehicle debt into a new loan are tremendously risky and have extraordinarily high interest rates. You will end up owing way more on your loan than your new vehicle is worth from square one, which is a precarious situation to be in.