I'm thinking of trading in my 05'Nissan for a used car, maybe an 03' or 02' Toyota...would that hurt my credit? And would I be able to get a better deal as far as lower monthly payments?
2006-08-18 08:34:43 · 7 answers · asked by jrm_jab 2 in Cars & Transportation ➔ Buying & Selling
No. If you have paid all payments on time your trading deals have no effect on credit score. Warning: when trading down (which, by the way is the smartest thing you can do besides buying a car outright), be careful not to let the dealer 'roll' your negative equity into your next car. You would be smart to sell your car yourself vs trade-in/down -- even if you are 'upside down' on equity vs value you will be money ahead to borrow the difference from the bank and pay off the car before you buy another. Car salesmen are scum, car dealers are scum pools. You could be trading your car for another of less value and end up with a higher payment. Be careful.
2006-08-18 13:23:01 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Why would you trade down. Most people trade up.A 02has more millage. It may hurt your credit depending on why you are trading down. Where you in the habit of being late on payments? You may get lower payments but a car with higher milage and more problems. Think it over real good then do what is best.
2006-08-18 08:49:24 · answer #2 · answered by BUTCH 5 · 0⤊ 0⤋
No, but your payment may go up when the dealer rolls over the unpaid balance on the old car to the new car loan. That may impact your credit.
I've always purchased cars with cash - new or used - such that I never dealt with the financing companies.
2006-08-18 08:41:02 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Well if you are getting an older car, then most likely it will be cheaper. And credit companies don't care what you drive (or even if you DO drive) as long as you don't let your payments fall behind, your credit will not be affected negatively.
2006-08-18 08:39:23 · answer #4 · answered by Information Scavenger 3 · 0⤊ 0⤋
not at all. I've heard that lenders aren't too happy about paying off a loan before the stipulated time. This however doesn't affect your credit at all.
2006-08-18 08:39:46 · answer #5 · answered by Briggs 3 · 0⤊ 0⤋
no....only thing that messes up your credit is if you miss payments
2006-08-18 08:41:48 · answer #6 · answered by Eric 2 · 0⤊ 0⤋
no
2006-08-18 08:41:37 · answer #7 · answered by Mechanical 6 · 0⤊ 0⤋