I have a 99 honda accord ex coupe. I still have a $300 note on it. My payments end in October of '08. It's killing me. I have 4 kids and it's obviously not a family vehicle. I have good credit, but no down payment, and I don't earn much. I would like to get a new car w/ a note of around $200. Any suggestions on loans, vehicles, etc? I really do not know where to start.
2007-01-03 01:19:47 · 8 answers · asked by russ_0067 1 in Cars & Transportation ➔ Buying & Selling
Russ, I'd first put an photo ad of your car in a popular classified publication--especially one focused on new and used car sales.
Of the thousands who daily read such a publication, surely you'll attract one or more interested buyers--people who may get a better break if they can transfer the car loan to their bank and their lower interest pay rate!
Once that is done and you've sold the Accord, you're pretty much back to square one. Sit down and do the investigative work on your next car. Your best bet is to seek out a used car--which one depends on being both honest to yourself, being realistic and really making the effort to find the right vehicle for you, your budget and your needs.
2007-01-03 01:27:06 · answer #1 · answered by Mr. Wizard 7 · 0⤊ 0⤋
Your payoff on the Accord will have a significant bearing on what you can do. Without knowing that it's pretty hard to make any recommendations.
Assuming that the Accord is a wash -- you owe about what it's worth -- you're not going to be able to get into a new vehicle for $200.00 per month. At 7% and a 5 year note the best you're going to do is right at $10,000 and that's not going to buy a new family-sized vehicle.
Your best bet would be to look around for a good used minivan in the $10,000 region.
Whatever you do, do NOT just walk into a dealer and tell them your limit is $200.00 per month! I used to sell cars and that statement is a license to steal! Do your homework first before you even think of walking into a dealership.
2007-01-03 10:01:03 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Go to a used car lot and ask them to make a bid on your car. If they offer what you need to pay it off, then sale and at the same time tell them you want to buy another car and keep your payments low. Sometimes you get a good offer and have some money left over too.
Used car dealers buy cars and trucks a dime a dozen at auctions it is nothing to them to make a bid..that's why they are in business to buy and sale cars and sale you one too.
I had a 2006 Mazda Tribute, I still owed $15,000.00
I drove it to a used car dealer and told them to make me an offer. He ask me what I owed on it I said I can't answer that right now. I am selling to the best offer. Never tell them what you want. never tell them what is owed on the vehicle. They make an offer simple and weet and I say yes or no. He made me an offer $17,000.00 and I took it.
I paid my loan off AND took the $2,000.00 equity and put $1,500.00 down on a 1999 Ford 4X4 . My payments are now less and I have the vehicle I wanted with low miles and it runs great.
I will never buy a new car or truck again unless I am rich.
2007-01-03 09:24:28 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Drive that baby to the dealer of your choice!
They will take advantage of you from there... ha ha..
Really just go to the best dealer in town and tell them I want payments of $200 per month. Not a dime more.
They will work out the rest. They will show you the cars that they have that will accomodate what you can afford and need.
Don't take financing from Household Auto Finance. They are such a rip off company. So tell the dealer you want a good credit company or you won't deal with them. They'll do the best that they can with your credit and down payment.
Expect to be driving out in about 2 to 3 hours.
Good luck, be a little picky and get what you want. They'll get creative to get the deal done with you.
2007-01-03 09:59:24 · answer #4 · answered by Anonymous · 0⤊ 1⤋
it sounds like you are buried in your car if you have a $300 payment on a 1999 car with 10 payments left. I think a $200 payment is not probable and you need to set your sights a little higher and spend more money.
2007-01-03 12:09:34 · answer #5 · answered by pyrmid24 1 · 0⤊ 0⤋
have you tried selling the car you have? try looking up the blue book value if that exceeds the ammount you still oew sell it and use the profit if not try and get someone to take over your payments taht wont help you with the down payment but will get rid of the high dollars or you can transfer your car loan to a different bank and ask if they can lower the payments good luck.
2007-01-03 09:27:06 · answer #6 · answered by benny619 3 · 0⤊ 0⤋
A dealership is a good place to start. Most dealers will be able to get you into another car pretty close to the payments you want. If you have a means to sell it yourself and payoff what you owe would be the best way but its time consuming so just go to a dealer and they will take care of you.
2007-01-03 09:45:26 · answer #7 · answered by Anonymous · 1⤊ 1⤋
Well perhaps you can go to a place like Drive Time they will rake you on the interest rates but at least you will get a car.
2007-01-03 11:34:04 · answer #8 · answered by Anonymous · 0⤊ 0⤋