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Posted in Auto Loans
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2014caddy

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My credit score is 650 my current car is worth 7k I owe 11k can I get a loan on a 23000 car

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Top Contributor
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If your car is worth 7k, a dealership might give you 5k if you are lucky on a trade. That puts you 6k in the hole.

Add that 6k to the price of 23k and you get 29k

Is the car you want to buy worth 29k?

Probably not, so you will be way underwater on the new loan.

Sounds like you would be just digging yourself deeper and deeper into debt.

Would you get financing, who knows, depends a lot on your credit.

Top Contributor
79 Contributions
29 People Helped

No.  Pay off your current debt before diving in deeper.

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