Should i refinance my car before trading it in?
dnic asked:
Tags: Altima I bought a 2006 nissan altima last november. It is the first car that i have personally purchased, and everyone says i got ripped off. It didnt come with all of the things i wanted but the dealer said that was the best he could do. i decided that i want to trade it in because if im going to pay for it i should be compleatly happy with it. before going to a dealership again i want to be prepared on what to ask and be aware of. im not sure if im suppose to refinance my car first, will my payments be higher on a different car?, should i wait longer before doing it? do the miles on the car matter? will i have to put another down payment on a different car?
Comment by Clear Your Bankrupsy
Total Debt Relief
Refinancing will not matter in this case. All that matters is how much you owe on the car and how much you get for the car. Since the car is so new, you are going to lose money because the value has probably decreased faster than you have been paying it off. Call your bank and find out what your payoff is. Then look at Edmund’s and see what trade-in vs. private sale value is. You will probably be better served with a private sale.
Posted on January 31, 2009 at 11:17 am
Comment by How To Live Frugally and Cheaply
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Why would you ever refinance a car you’re planning on trading or selling? Only if you want to keep it and lower the payments, plus It’s too soon to try and get out of it surely you’re upside down in the loan.
Posted on February 2, 2009 at 8:43 pm
Comment by cheap water fountains for your garden
Don’t file Bankrupcy
If you got ripped off the first time what makes you think you won’t be ripped off again???????
You need to read this before you make a bigger mistake.
Posted on February 2, 2009 at 9:11 pm
Comment by Todays Cure For Bad Breath
Don’t file Bankrupcy
well here is your problem……
Lets say you owe $15000 on your car now (just guessing) Making your payment roughly $300.00
when you go to trade it in, they will only give you $10,000 leaving you w/ a negative debt of $5,000
When you go to buy your new car, Let says they new one costs 16,000.00. You need to roll your negative deby into the purchase of that car, so your $16,000 car now costs $21,000 which will rasie your payment to $420.00. So you will actually have a higher payment then you do now.
Refianancing it, will only make your payments smaller, but the amount of money you owe would still be the same. For example the car you drive now costs $20,000. you paid on it for a year so now you only owe $15,000 but your payment is the same as it was when you owed $20,000.
so you refianance the new amount owed ($15,000) which will lower your payment, but you will be paying on it longer that you would had if you did not refianance it.
So long story short you are screwed, deal with the car you have now, until you pay it off or you’ll just end up stacked w/ debt.
Posted on February 5, 2009 at 3:59 pm
Comment by Healthy Diet For Your Pets
chronicbadbreath.info
Um, no. If you are going to trade the car in, then there is absolutely no reason to refinance it. The dealership will appraise the car for you and the figure will be the same regardless of what your interest rate or balance is on your current loan. They might try and show you more on paper, but in realty, your car is worth what it’s worth. Luck 2U.
Posted on February 6, 2009 at 4:51 pm