My fiance was in a multi-vehicle accident; a drunk driver hit him. The drunk driver's insurance is paying half of the loan off and our GAP insurance hopefully is picking up the rest (brand new car not even one year old). Is it safe to go ahead and get another vehicle financed? He already knows what vehicle he wants.
It would be better to wait. It is never over until it is over. Hopefully the other driver's insurance or your fiance's is paying for a rental car.
Bluebook appraisals, actual cash values of autos and suspicion of prior damage that reduces the value, are all things that could get in the way and leave some debt remaining. It is cleaner to put one debt to rest before entering another.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
It would be better to wait. It is never over until it is over. Hopefully the other driver's insurance or your fiance's is paying for a rental car. 