I have a 06 cobalt, how will my credit rating be affected, if I trade it in for a 05 or a 07?

Question

I am moving out on my own, my relationship of 3 yrs is over,I am trying to save myself some money

Answer 1

The problem is the minute you drove off the lot especially if you financed 100% is that you now owe more than the car is worth, to purchase an older model, and combine it with the difference you owe against what it is worth as a trade in will be applied to your new loan possibly making the payments higher. Go to kbb.com and research what your specific car is worth as a trade in in your area, then look up the potential cars and see what dealers are selling them for, should give you a good idea as to where you stand

Answer 2

The car you drive does not effect your credit at all. The amount your owe, and your payment history do. Your question does not address how either would be effected by trading the car for another.