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BassetMom77

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Advice about new truck purchase....2 years of working on my credit..
I financed an OLD 2003 (mint condition though) Tundra - My APR will make you gasp - Since then, (26 months) - All payments 100%, I've 2 credit cards, all perfect history - CS's are in the upper 670 - BUT, I still have about 8k on my existing loan - How can I get in a newer truck? I can't refi because it's too old. Could really use some guidance on this one! (Truck is still mint).

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670 isn't too bad, but you're going to have to roll a lot of debt over to a new loan.  If you're income is high enough, or you buy a truck with a lot of incentives you could manage it.  For instance, if you buy a ford with "$7,500 Cash Back" a lot of times banks loan to value ratio will allow you to roll some of your debt into the new truck.  This will only work for a new truck though.  Try and buy used and the bank will balk because usually you go into a used truck underwater and you're already underwater so unless your income is really high I doubt you'll have any luck.

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First, lenders don't use the scores you get here. They use FICO scores and they can be different from what you get here. You are well underwater with your current truck loan, so now is not the time to think about putting yourself into further financial distress. You need to get this loan paid down as much as you can and as fast as you can, get it paid down to what the truck is worth, then see if you can sell the truck outright, you may have headaches doing this, since the bank has the title, but you might be able to figure something out. Yes, trading it could alleviate some headaches, but the dealerships are never going to give you what you need even after you get it paid down to what the truck is worth, they would still give you less. Put some time into thinking about this, reading on this and make sure that you have a good understanding of all this stuff so you can avoid getting yourself in a bad spot like this once again in the future.

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If your truck is really in that good of condition I would think you'd be about even on the loan.  If you trade it in on another vehicle you could get a lower interest rate. 

You do not need a new or expensive vehicle for this to work.  Most credit unions will give the same rate for any vehicle that is <3 years old.  Most dealerships will want your business and will work with you to get you into a new vehicle.  I would read some car buying articles to make sure you do not get screwed throughout the process though.  There are more ways than I can list here that dealerships will try and screw you out of money!

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