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Banjoeyes64

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will buying another vehiicle lower my credit score? My score is fair 669
I have two cars and want to trade my chev malibu, that I still owe 5,800 on, for a car or truck with a lower monthly payment but would owe more money to pay off. Would this be a wiise move or stupid move. How would it efect my credit score?

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That Depends....

Will you be paying off that balance on the old car? Chances are that you won't get that much for a trade in, which means that you would have to pay off the balance or roll it over into the new loan.  That would mean a higher monthly payment. 

You might consider selling it yourself since you'd probably get a better price, but you would have pay off the loan in full the same day you sell it. 

With your score, you should be able to qualify for a new loan, and basicly your would be paying off and replacing an account at a higher balance, All of which will lower your score for a while. After payments start being made to the new loan your score should bounce back.

 Good luck 

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