What is the best way to trade my car in if I have unfortunate credit?
filed in Cars & Transportation on Jul.28, 2010
I currently have a 2004 Impala that I am paying a car note on. I have had it for 2 years I don’t have any bankruptcy or repossessions on my credit report. My current pay off balance is like 7 or 8,000. But I already have 130, 000 miles on it and I would rather invest that money in a newer car. Any suggestions?
July 28th, 2010 on 7:49 am
If the car is worth less than what you owe on it, your gonna have to come up with that balance in cash. However, close out 2010 models have decent rebates right now. You can get $3K on a Chevy Cobalt or Ford Focus. That will help. If you have been good at paying your bills on time every month, then your credit just may be good enough for a newer car. But you need to know what the pay off is exactly. Then go to http://www.kbb.com and get an estimate on what the car is worth. That web site is a guide, don’t expect those numbers to match the dealers numbers. Cars are not investments. Don’t make that statement b/c it’s bogus.
July 28th, 2010 on 7:49 am
You probably cant trade it because you owe more than its worth.
Almost no car is an "investment". They are depreciating assets.
July 28th, 2010 on 7:49 am
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