So right now I m 20 financing my car and I want to trade in my car and the new price for the car is $10,500 and my trade in value in $7,676 but the thing is I still owe $14,358 on my car I have right now that I want to trade in. . So what i want to know is , is it still possible for me to trade my car in and also
So right now I m 20 financing my car and I want to trade in my car and the new price for the car is $10,500 and my trade in value in $7,676 but the thing is I still owe $14,358 on my car I have right now that I want to trade in. . So what i want to know is , is it still possible for me to trade my car in and also what would happen? And my car is an 2009 Nissan Murano w/ 100235 miles on it which was used and the new car is a 2013 Dodge Dart and would this make my car note higher? And same goes for my insurance would that be higher? But thanks if anyone helps!
So your trade in value will be applied to the $14,358 that you owe, and then the $10,500 will be add to the remaining $6,700 that was left, making a $10,500 car upside down from the start as your loan would need to be $17,200 just to get you into that $10,500 Dart. Not sure there is a positive, you are upside down now, you will be upside down then, the Dart will not retain its retail value as well as the Nissan and by the time you pay it off the Dart will basically be worthless. But you could refinance again in a few years for another car that you again will be upside down on from the start, digging an ever deeper hole for yourself financially.
The fact that you flunked Economics 101 :"Never pay interest on a depreciation" is obvious. The question now is do you want to continue to flunk economics class or do you want to pass it sometime in the foreseeable future? To do that, you need to get rid of that upside down payment, which means you will need to take a loss on your Nissan and buy a cheap clunker until you can afford a nicer car or you start paying double payments and get rid of the payments altogether and drive that Nissan until it is 30-40 years old.
if you really want the new car you can get it. With today's lending rates on cars pretty much anyone can own a car. hiwever understand that you'll still be paying off the old car in addition to the new car payments. If your taking out a loan for the car, which I assume you will, you rates will be increased for you already owe a large amount on your previous car. I'm not saying you can't do it but i highly recommend that you do not. If your car is paid off in full your rates decrease significantly and you owe less on the car. My advice would be to ride it out. At a 100000 miles your car has plenty of life to live. Getting yourself deeper in dept for a dart just isn't worth it.
You are broke and in the hole, quit digging.
You are upside down roughly $7000. You wont be buying a new car anytime soon unless you hit the lottery.
I mean at the very soonest 2 and a half years unless you double or triple up on your payments.
If you are willing to pay a dealer $6,682 plus the cost of the Dodge, plus financing charges, you'd be all set. Of course this would dig the financial hole you are already in much much deeper.
You want a " Dodge Dart " why ? anyway , you can not buy/trade yourself out of debt….need to pay off the first loan….i always say " if one buy's a brand new car , you have three things that must be followed up, 1 – pay the dam thing off , 2 – keep it for 10 years, 3 – follow the maintenance schedule " ….then after this you can sell/trade or give away the car.
minimum wage is 11.25 in our state,
If it's a personal loan from the bank, what they don't know won't hurt them.
Your current car's *negative* equity is $6,682. That means that you would have to PAY someone $6,682 in order for them to take the car off of your hands.
Thus, you cannot trade in your car, as it is worth $6,682 LESS than ZERO.
The ONLY way to get the other car would be to get a loan that includes it's $10,500 price AND the $6,682 *negative* value of your current car. It's doubtful that such a loan could arranged, as it would be 64% more than the value of the car being bought.
You CANNOT get out of debt by going DEEPER into debt. This idea of doing this deal is, well,m fiscally irresponsible.
As to insurance, you would need to get some price quotes on coverage on both vehicles.
The only person that can answer is insurance question for you is your insurance agent/broker.
If your credit rating is good enough, you can roll an outstanding car loan into a new car loan but financially speaking, it's a terrible idea. The reason is you end up with debt on top of debt which in turn means more interest to pay as well as being upside on the loan ( owing more than it is worth ) for an even longer period of time.
You are better off keeping the existing vehicle and paying off the loan as quickly as possible. Only consider another vehicle after the Nissan is fully paid off.