0
If you have poor credit how can you avoid being 'upside down' when trying to purchase a new-ish vehicle with a trade-in that you are already upside down in?
Wiki User
∙ 15y ago
Before doing this at all, take some time to do the math. This will help keep you from compounding your problem, which is a car that you cannot afford. It will make life lots more simple and will save you money in the long run.
It is probable that you are going to need to add some money to the situation to make it work. Pay down the first car so that when you sell it as a private party, it is free and clear. Take a couple of months to go on a strict budget to save the money--amazing how cooking at home, staying out of convenience stores and so on can create money.
Selling the car as a private party should net you more money than trading it in. Then, go and buy that next car, making sure that you put 20% down and can afford the payments.
You will not be upside down, then, going forward!
A little restraint and delayed gratification will go a long way in making your car expenses less of a burden on your finances.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
Repo how long will it take to get on credit report?
If your vehicle is already up for repossession, it is already on your credit report as a delinquent or defaulted debt.
Where can an American purchase a Mazda vehicle even though they have bad credit?
In 2010 Mazda made an announcement that they were to launch a Certified Pre-Owned Programme which would allow customers with poor credit to purchase a vehicle.
How can someone purchase a vehicle asap with really bad credit no money down and no cosigner?
== ==
What is the journal entry for a cash purchase of a vechicle?
[Debit] Vehicle Purchased [Credit] Cash / bank
How long does it take until your credit score to go back up after you purchase a vehicle?
2 years
How much is car tax in Maryland?
6% of the purchase price of the vehicle less credit for the trade in. Document fees & warranties are included in the purchase price (they are taxable). Insurance ( credit life/disabilty) is NOT taxable.
Will Anchor Bank finance a new vehicle purchase?
"Yes, Anchor bank is an offshore bank in the United Kingdom. If you live in the UK then yes you can get a loan to purchase a new vehicle. You need good credit though."
Are There Websites That Dont Require A Credit Card For A Vin Check ?
Can I find out if there is a bank note on the title before I purchase the vehicle?
Can you return your car to lender if you can make a payment?
Yes, you can. The only problem is you have an obligation like a contract to purchase this vehicle. If you do not meet your obligation it will become a blemish on your credit record. When you attempt to buy another vehicle, creditors will see this blemish and it may cause difficulties in your next attempt to purchase a vehicle. You may be seen as not credit worthy in trying to finance an automobile in the traditional finance method.
If you are given a blank check from a loan company for a vehicle purchase and instead are granted credit through a dealership can you still use the blank check at another dealer for another purchase?
no
If your father gets an extra credit card for you on his account to purchase items for him can you be held responsible for his debt?
No, unless you are responsible for his account already.
When you cosign for a vehicle will it be on your credit report and therefore effect the cosigner when they attempt to make a major purchase in the future?
Yes, all action on the part of the primary borrower will be reflected on the cosigner's credit report.
