How can I afford a new car with my current loan debt?

Question

I bought a used car last July that's nickel and diming me and now I'm ready for a new car. Final purchase price of the car was $17K total, including financing interest. Sticker was about $14K. This first year of ownership has cost me $6K, including down payment and monthly payments. However, Kelly Blue Book trade in value for my vehicle right now is a miserable $7K. So, even if I sold my car now for $7K, I'd still owe about $2K on the loan I'd have to pay out of my own pocket. And, on top of that I'd have no car. Any help in how I might get a new car and make it work financially?

Answer 1

The best way is if you can afford it, then buy it....if not, then save until you can. Simple and easy. Don't be like the rest of America filing for bankruptcy, bad credit, in debt up to their ears. Quit wanting now and wait for later.

Answer 2

I'm sure that the car salesmen will be more that happy to roll over the loan into the price of the new car. You are not the first person upside down on their car. They will pay the car off for you. Just use some common sense and compare the total cost of the car, so you know what you are paying.

Another suggestion would be to buy a car that is one year or less old. You will save a bunch of money on the car plus you will still have the warranty. This may be a better route for you to take. good luck.

Answer 3

that is what happens when our credit is not quite right - we pay more for everything.
it's too bad and doesn't seem fair, but it's the price we pay.

suck it up make your payments on time, finish paying for your car and maybe at that point your credit score may be at a point where you will be able to buy a new car without being charged at the crazy finance rate. oh yeah my last rate was 12% so I feel your pain.

Answer 4

next car, bring to a mechanic BEFORE u buy