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Posted in Auto Loans
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ybobbyy

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ideas on trading in car, not buying a new one, but taking out a loan to cover the upside down?

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I was dumb and bought a car i shouldnt have. it raised my monthly payment, but now due to divorce and son being of age for preschool and the need for daycare, i need to save money where possible. I wanted to trade in my '13 mitsubishi lancer evolution which will give me 27k, but i still owe 32k on loan. i have a horrible credit score since my wife no longer wants to pay her car loan that i got her, and i dont know if the bank will even approve a personal loan for the 5/6k i have upside down on the car. i need advice on what steps to take to start saving now so i can afford my sons well being.

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