Where to trade my expensive car and get a cheaper one with low monthly payment and possibly low APR?

Question

I purchased a Mercedes E class 02, black, leather/35K miles. The orig. amount is $22,466 the APR is 21 %. My payment is $620/mo and the total amount with the interest is $40K. After 8 months of having it, the remain balance is $21,314 still. I had it for 9 months now and never been late with the payment. My FICO before I got this is 480 now it went up to 543. I wanted to get a decent car with a low monthly payment and low APR. Maybe my last choice is a cheap 5,000 to 6,000 dollars car. I don't have a down payment tho, maybe a $500 dollars if ever. Annual make is 30K only. I'm going to school soon so the cheaper payment the better. Currently I have 47K mileage and still in good condition. Where to go and what to do with this car? I don't want repo at all. Help!!!

Answer 1

Hi Kate.

You have about a $17,500.00 vehicle according to N.A.D.A. trade in values.

This means that your re about $3,800.00 upside down. Whatever you buy is going to have to book for enough that your new loan will carry the negative equity.

You should be able to trade down and get a better interest rate with your good paid car account on your credit bureau. Try H.S.B.C., Capitol-One, Wells Fargo and Citifinancial Auto. They are my 4 best banks as far as carry and rates are concerned.

Answer 2

Not that it's any of my business, but why did you buy a car that was about $8,000 than you annual income? Seems rather ostentatious to me, but I hate to spend money to begin with. I can barely fathom spending more than $20,000 on a new car, let alone that much on a new. In December 2005 my husband bought me a 2006 Saturn Ion for $17,000. I thoguht that was a bit much, seeing that every car I had prior to that was a used car an cost less than $5,000. However, I plan on having this thing for ten years. I digress.

I do not know much about car buying. That's one of the reason we like Saturn becuase they don't try and mess with the customer. However, try the Automotive category here in Answers.

Answer 3

Please don't be offended but you obviously aren't very good with money. You should have NEVER bought a car with an APR of 21%!! And then you sooo overextended yourself with a MERCEDES. AN E CLASS EVEN.

Sorry to say this but keep making the payments, you are screwed for a few years.

Answer 4

My brother became geared up to commerce in a used SUV for a sparkling minivan and walk out with a look at for the replace. the 1st step is to discover the vehicle which you rather want in the previous you talk something else with the broking. as quickly as the finished ingredient is waiting for the acquisition for the vehicle you like, you're saying, "Oh yeah, i've got this distinctive motor vehicle ..." and clarify the disaster. for people who demonstrate the finished ingredient unexpectedly, you is basically no longer able to barter as low a cost for the vehicle you prefer to have. a distinctive techniques-set to do it incredibly is to sell your present day motor vehicle to a private occasion, use the income to pay off the interior maximum loan, and use the entertainment as a down cost on a sparkling motor vehicle.

Answer 5

beats me, you have the wrong category