My car is dying ?I owe 7800 on it what are my options as far getting a another car financed ?

Question

Can anyone tell me what to expect ??? Mind you ,recently divorced and credit greatly affected . I cant afford anything over $250 a month.

No warranty left on it. The way it is its I could probably get $3000 trade in for it. I bought it used, its a 2001 had it for 2 years now.

Answer 1

Well, you can figure if you get another car, they're going to tack on the amount you owe in payoff for the old car onto the new car. Also, some lenders won't lend above 125% of the value of the car you purchase, so this has you getting a $30,000+ car. This would preclude you from keeping your monthly payments below $250 (and would be hard to do even if you didn't have the extra $7800 to add on). Did you realize $250/month would only get you a $12000 car at 0% interest over 4 years? May want to get an estimate on keeping your current car alive for a few more years.

Answer 2

I got divorced in 2000, so I know exactly what you mean! The only problem is that owing $7800.00 on a car is alot and when you go to try and trade it in you will be what they consider "upside down" with the payments: meaning you probably owe more than the car is worth. You may want to check into a small personal loan to get the car fixed rather than to trade it in but it doesn't hurt to TALK to a salesman. My only fear for you is that the payment will be in the high $300.00s or even low $400.00s because in the end you still have to pay the $7800.00 balance......Good luck to you!

Answer 3

if you trade that car in and finace the other one, they will add the 7,800 to the price of the other car so your payment will not be be as low as 250. the thing that I don't get is how can your car be dying. if you bought that car new and you owe that money then you should still have warrenty on it, unless you were making a lot of miles on it. check if you have warrenty on it and if you do then take it to the dealership where you bought the car.