Can I buy a new car if I am still paying on an old car?

Maybe. If the trade value of your old car is greater than the amount you still owe on your old loan, then the difference can be used as trade equity (down payment) for a new car. However, if the old car is worth less than your loan balance, you are upside down and may not be in a good position to trade without adding cash to the deal.

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Used Car Guide – Expert Tips and Advice for Smart Buyers