Where would i start to trade in a new car?

Question

just brought it in april, note too high to handle

Answer 1

Getting a LOWER monthly payment on a vehicle that you just bought this year is going to be quite a challenge.
You could START by having your car appraised. You can do this yourself, on line, at http://kbb.com
Once you know the current "trade in" value, call your lender to see how much you owe to pay off your loan.
If your current vehicle is worth more than your payoff, your OK, but if you owe more than the value, well that's where the challenge begins.....
Not an impossible task, but...
You will most likely need: excellent credit, money down, a lesser vehicle & a long term loan or lease.

You might wanna try re-financing your current loan to get a lower payment.

Answer 2

WOW thats unfortunate.. My first recommendation is to try to refinance it. If that option does not work out, your only other option is to trade. You need to be aware that you are upside down. probably several thousand dollars. So needless to say you will need to downgrade with that in mind now you will need to find a car that will book out. What I mean by that is if you are 5,000 upside down and the car you are looking at is 12,000 the total amount to finance is 17,000 plus taxes and that is going to equal a payment of approx 350 - 450 depending on you credit. BUT if the bank values the vehicle at 10,500 (usually closer to wholesale) the bank then will usually only loan 120% of wsle. so that would equal 12,600 so with this simple math you would need about 5,000 down. Now with 5,000 down that would bring you payment to 250 - 350

Good Luck

Answer 3

its best to go to a lot that you have found another car at and compare before trade and then you the prices are right TRADE