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Posted in Auto Loans
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Question By
natemz3

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Can I get approved for this trade in?
So to start of I need to lower my monthly payment. My credit score is a 601 so not the best, It's so low due to late payments (I'm trying to get the money gathered up). I owe 16,603 on my car, and the car kbb trade in value says $12500-$13500, and yes I understand i have negative equity. As for the "New" car I want is a 2004 mini with 74k Miles Priced At $8,998. Also if it matters I would like to do a 60 month pay period. Do you think this is a reasonable idea?

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It will cost you $4100. to pay off

The original loan will have to be paid off,  That will cost over $4000., Thats if you can find a dealer to give you $12500. for it. (You'll most likely get around $9000 from a dealer,  KBB is what he'll be looking to resale it for)

 Plus you will have to come up with a down of about $2000. in order to Qualify for a loan of $6998.  With 601 score you can expect to pay 9% APR or more for the loan and probably not get over 48 months.

If you have the $6000+ in cash it will take to do this deal then go for it! 

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