I'm 8K upside down in my car and need to trade...Is it possible to finance an additional 8k to a new car?

Answer 1

Can you live with a mini-van ? Ford currantly is offering $5000 rebate on 06 Freestar. If you get your dealer to discount by $2000 and you put $1000 down. There's your $8000 negative equity ! And your not rolling it into your new loan at all !
If you roll the negative equity into a loan, you're gonna be paying about $160 (approx $20 mo. per $1000 on a 60 mo loan) a month more than if you don't .

Why would you want to do that ? I mean it can be done but at a price. Are you willing to pay that price? maybe you'd like a mini-van. If so , please contact me . I'll sell you one

Answer 2

Is there a reason why you must trade? If you are able to do this deal you will pay through the roof. Upside down 8k us not easy. I am a loan underwirter - it may be possible with a great credit score otherwise you will need a sub prime lender. Borrowing from a sub prime lender hurts you credit score. By the way - one of the most important things you can do financialy is keep your credit score as high as possible. Insurance co and all lenders base rate on scores.

Answer 3

If it makes you experience any extra ideal, each and every man or woman who offered a motor vehicle contained in the previous couple of years is the different way up now because of what has befell contained in the automobile marketplace. worker pricing and massive rebates on modern twelve months new automobiles have pushed the used values down. The question you should ask your self is why do you want a clean automobile if yours is purely a million twelve months or so previous? i'm particular if you're at a severe fee of pastime on your modern loan, it sounds solid to be able to purchase a clean automobile and get a decrease fee, yet in case you concentration on that you'll lose $4K on your commerce, that does no longer look a good flow. Pay your modern automobile down once you could by making better funds. once you get it in accordance to its value, in case your credit has better like you declare, you would possibly want to be able to get it refinanced at a credit union (they have decrease prices than maximum banks) and shrink your pastime fee. A automobile is a device. We use it for procuring us from factor A to point B. see you later by way of the undeniable fact that is solid transportation, you should save using it and under no circumstances bounce into the marketplace for a extra moderen variety. it is is what has gotten maximum persons in economic hardship over the years because automobiles aren't to any extent further solid investments -- they depreciate. save your automobile longer and placed your added funds into appreciating resources. you'd be extra ideal off over the lengthy haul. solid success.

Answer 4

Anything is possible. My husband did, but wow....I don't know if I would do it. You would still be 8k upside down.

Answer 5

Sure it is - your payments will be a lot higher and depending how good your credit is , and if you made the previous payments on time your finance rate can he higher.

Answer 6

yeah, I'm 4K in mine....they just add the neg equity onto your new car. Makes it hard to find someone who will do this...but, it's possible.

Answer 7

You are committing financial suicide trading cars too often....Sell it if you can or pay it off before you rebuy......

Answer 8

SURE!! With the robbers at the Dealer, it Sure is!!!!

Just ask me! I speny probably 40k on a 20k Monte Carlo after going bankrupt!!!!!!!!!!!!!!!!!!!!!!!!!!!!

WATCH OUT!!!!!!!!!

Answer 9

yes you can but it will make your payments higher.