18 and want to finance a new car, but owe 9000 on the one i got?

Question

ok im 18, no credit, i have an 2002 civic ex coupe. im way to tall for the car and its giving me knee problems. thing is, i owe 9 grand on the car. could i trade it in on a new car or truck? i know ill still pay the money that i owe one way or the other but i dont know if they will let me do it with no credit. and could i possibly keep the payments around 3-400$? i wat a new mustang, but if thats out of the question ill take a pickup. i can afford a brand new car but i dont know if the dealer will do this deal.

Answer 1

Unless you have the driver's seat all the way back I'd tell you to keep what you've got and just push the seat back.

If you owe money on the car then you should think carefully about trading it in, especially if it is worth less than what you owe (because otherwise you'll just have what you owe on your current car stuck onto the price of the new one).

A mustang though is not something an 18 year old should be thinking about buying, too expensive (costs a lot to buy, gas guzzling and high insurance premiums) and you'll probably just write it off anyway. You also should not even think of what the monthly payment should be as that causes the car dealer to suck you in pretty damn bad (since playing with the length of the loan allows them to charge you pretty much whatever they want to).

Answer 2

I would first try and work up your credit score, it will expand your choices of dealerships by a lot. I would then minimize your amount of money you own on your Civic. When you reach a couple thousand dollars you owe, some dealers can pay it off for you. If you are really urgent for getting a new car, I would look at the Saturn Astra. Saturn dealers are amazing and will try and work with everything. You also could go to a Saturn Dealer that has a used Mustang on there lot.

Good Luck

Answer 3

First of all , I do want to tell you my opinion ... I think being that your 18 yrs old and driving a car that someone owes $9000 on is obviously going to be up to that person...

( you must be 18 yrs old to recieve a loan ...)

Plus you gave it away by saying you had no credit ...

Credit = auto loan??? you owe $9,000 right?

Sounds like your parents are nice enough to want to let you have a reliable, safe , low cost to own car to get your education!

-------------------------------------------- BOTTOM LINE

Look up the average cost of a 2002 Honda Civic EX with your miles being sold privately... Because in my neck of the woods dealers average cost for a 2002 Honda EX with average miles is still in the $12-$13k

Unless you modified it, raced it and crashed it in to a salvage title pretending it was an ol school stang!

SAVE YOUR MONEY AND LISTEN TO YOUR FATHER -
Be proud at what you got and stop making excuses to try and get things you can't afford and buy yourself.. !

P.S. STAY IN SCHOOL- because that civic will last longer than you in college....

Answer 4

If you trade up, you're going to be about $1000 upside down. Current trade value for your Civic is just over $8000, assuming it's in good condition.

Sell the Civic outright if possible. You might have to come up with a few hundred dollars to satisfy the outstanding loan, but you will be free and clear at that point.

Buying a showroom new car is a poor choice, since you will suffer the unavoidable first year depreciation, which is always substantial. I'd recommend looking around for a reasonable mileage good condition used vehicle to suit your needs.

Answer 5

sell your civic out right if you can , also check insurance on the mustang , being so young , i wouldn't recommend the stang , because of insurance , $9000 for a 02 civic is that in blue book range ?

i also agree with the first answer , don't give a dealer a a monthly payment look up blue book for your can , do some research on what the new car sells for , rebates and incentives on it and if you can find invoice pricing on it . then come up with your own number for what you need to finance , say $15000 is what i wanna finance then work on that

Answer 6

I'd guess that they're not going too. They'll probably want a cosigner, but it never hurts to go ask that's the only real way to find out. Try a big down payment that always makes 'em think twice.

Answer 7

I AGREE THAT YOU SHOULD KEEP WHAT YOU HAVE FOR A WHILE LONGER BECAUSE YOU WILL BE SO UPSIDE DOWN.

PLUS THE INSURANCE FOR FULL COVERAGE WILL BE AROUND $3500.00 TO $5000.00 A YEAR ON TOP OF YOU PAYMENTS THAT WILL BE NO WHERE NEAR THE $300.00 TO $400.00 A MONTH.

NO CREDIT, 18 YEARS OLD, MALE AND LITTLE EXPERIENCE = VERY HIGH INTEREST RATES AND A VERY LONG NOTE.