how much will the payments be? can she have someone take over the car she has now?
2007-06-23 12:42:59 · 4 answers · asked by unlikely 1 in Cars & Transportation ➔ Buying & Selling
The amount of her payments will depend on her interest rate. Usually when you have negative equity from another car that will increase your interest rate. She could have someone take over the payments if that is something that her lender does. But the person would have to be approved by her lender. And that may be difficult if her vehicle is only worth half of amount she owes.
2007-06-23 12:47:59 · answer #1 · answered by Anonymous · 0⤊ 1⤋
First I would not do the deal at all. No bank in todays market will loan more the msrp for a car. This is why I suggest no more then 48 month car loans. If you can't afford the payments over 36 or 48 months buy a cheeper car. She will have to come up with 10G. If she is really hell bent on doing this she will have to sell her current car for as much as she can then get a personl loan for the balance. They buy a car and make sure the loan is only 48 months maximum. That way it will not likely happen again. In 36 month car loans it most never happens that your "upside down" in a car. remember the average american car drops 3% a month from INTRODUCTION date not the day you buy it. So right now a 2007 that sold for 20G in September 2006 is worth only about 14,500 right now. .
2007-06-23 13:34:29 · answer #2 · answered by asccaracer 5 · 1⤊ 2⤋
She is buying an $18,000 loan, and already owes $10,000 more than that - her total debt will be $28,000 for a $18,000 car. (She has new car $18k + old car $20k - trade in value $10k = debt $28k)
I doubt she can get a $28,000 loan for an $18,000 car.
2007-06-23 12:48:11 · answer #3 · answered by Stuart 7 · 0⤊ 2⤋
get her some credit counsiling
2007-06-23 15:35:21 · answer #4 · answered by tott1 5 · 0⤊ 0⤋