im looking around and im not sure if i can even get anything,my credit is fair,my car is only worth 6,000 and i owe 10,000,and i dont have any down money..what can i do,i heard by getting a new vehicle,sometimes rebates can eat up upside down money..does my situation look grim,or is there hope for me,if anybody could maybe tell me what my options could be,that would be great
2007-04-12 11:33:16 · 5 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
I generally agree with all the previous answers, but I want to add that the price of the vehicle you are looking to buy is a factor as well. Generally a bank will only let you finance 125% of the invoice price unless your credit is very strong. So if you have a car with a $10000 invoice you can only finance $12500, but if you have a car with a $30000 invoice then you can finance $37500. You probably wont be able to squeeze your $4000 negative equity into a car deal (without down payment or large rebates) unless your vehicle invoice is at least $18000. Also know that $4K negative equity is going to add $80-$90/month to your monthly payment, which on an $18000 vehicle is going to be pretty close to $400 per month at 60 months with decent credit. If you can't afford $480 per month you need to find something with a HUGE rebate, at least $2000 which is tough on vehicles priced less than $20000.
2007-04-12 18:19:19 · answer #1 · answered by reliablejj 2 · 1⤊ 0⤋
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2007-04-13 21:45:29 · answer #2 · answered by Just me! 5 · 0⤊ 0⤋
Yes, your situation is grim.
You may be able to find a dealer willing to include upside down money owed on the older vehicle and roll it into a new one. However, you'll probably pay extra in interest, and maybe even have to pay gap insurance.
Is there any reason you can't continue to drive the older vehicle while paying it down more? That would be the wisest thing to do.
2007-04-12 11:42:22 · answer #3 · answered by Uncle Pennybags 7 · 0⤊ 1⤋
You can get a new car loan with a bad credit history. You may pay in interest though. I have posted a source that contains a free list of these bad credit finance companies.
2007-04-12 11:53:09 · answer #4 · answered by Anonymous · 0⤊ 0⤋
yes its possible. if you want a brand new vehicle, make sure you pick one that has a large rebate. it would help tremendously to have an additional down payment also. if you consider a used vehicle, pick out a previous rental. If you let me know what you are looking for, i will be glad to help advise you.
2007-04-12 11:57:11 · answer #5 · answered by mac150 5 · 0⤊ 0⤋