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Posted in Auto Loans
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Question By
DJCrea

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Trading down vehicle for smaller car payment
when we purchased our current vehicle we were in a better financial situation. Now many things have changed including out credit scores. It been rough 2 years, our payment now is 500 with almost 11000 down and a 4.6 interest rate. we are not upside down in our car at all. my credit score is 647 my husbands 690. would trying to trade down our SUV for a smaller sedan be a bad idea with all these factors.

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If it were me, I would try to sell the vehicle if I had some equity in it, sell it for enough to pay off the loan and have some left over to buy a cheap car for cash. If you cannot find a buyer, then yes, go to some dealerships and see what kind of offers they can make you.

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