Legal analysis: Borrowing the new and repaying the old means that the creditor and the debtor re-sign the loan contract under the condition that the old loan has not been paid off, and use the money from the new loan to pay off part or all of the old loan.

Legal basis: Article 16 of the Interpretation of the Supreme People's Court on the Application of the Guarantee System of the Civil Code of People's Republic of China (PRC). If the parties to the main contract agree to repay the old loan with the new loan, and the creditor requests the guarantor of the old loan to assume the guarantee responsibility, the people's court will not support it; Where the creditor requires the guarantor of the new loan to assume the guarantee responsibility, it shall be handled according to the following circumstances:

(1) If the guarantor of the new loan is the same as the guarantor of the old loan, the people's court shall support it;

(2) If the guarantor of the new loan is different from the guarantor of the old loan, or the old loan is unsecured and the new loan is secured, the people's court will not support it, except that the creditor has evidence to prove that the guarantor of the new loan knew or should have known the fact that the old loan was repaid with the new loan when providing the guarantee.

The parties to the main contract agreed to repay the old loan with the new loan, and the guarantor of the old loan agreed to continue to provide guarantee for the new loan even if the cancellation registration was not completed, and set up a security interest for other creditors with the security property before concluding a new loan contract. If other creditors claim that their security interest has priority over the new creditor, the people's court will not support it.