Can you buy another car if you already have an auto loan?

The auto loan is about $5000 The car probably cost the that amount! It's a honda prelude 99 not a bad car tuns good! I want to get a 15 - 16k car! will they add the amount of my current car loan to the new car loan? Or what's the best deal ai can get? Please tell me if this is a bad move! or how can I get rid of my current car! I really want to get another one!

Responses:

You will probably not be able to roll the difference of the old loan into the new loan. Those days are over. You can not owe more on the car than it's worth. You need to sell your current car or trade it in and see what the cash difference is. You have to PAY to PLAY!
no they will not. You 1st need great credit and be married or have kids to explain to bank why 2 cars as it is not easy to get approved especially since they will not finance a 1999 car. It has to be 6 years or newer and 80K or less to finance. You have an uphill battle. You can finance 2 cars if you are approved if same time. You cannot add to loan if it was a car that can be financed. If they finance an old car it has to be a buy here pay here and they will not do 2 cars at all and charge up to 300% interest by marking up car on deal sheet and refer as lease to own
Bad move. You owe $5000 on a car worth $4000 in trade, so you start at minus a grand. That puts your $16 K car at needing $17 K to drive off the lot. First year depreciation at $3000 means you now owe 17 K on a car worth $13 K. Pay off what you already have, then sell it and use that for a down payment on another car. Or spend a little to fix up what you have, and drive it without car payments until it will not move and the wheels fall off, then send it to the crusher and make another $150 off it that way

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