Looking for Best Tips on Buying a New Car and being upside down the loan?
Should I pay off the remainder of $3,500 on my current car first or just trade it in and be upside down on the loan?
Does it really matter? Am I not spending the money anyhow?
How much higher will my new car payment be with being upside down on the loan?
February 28th, 2010 at 7:09 am
Well , if you owe $3500 on a car and your not sure that your car is worth it, leave it to the dealer to figure out how to handle it. If your new car shopping rebates can eat it, or the Used Car manager can over allow for your trade to make a deal on the last day of the month. Don’t just pay it off, make it a negotiating point and get them to help. We are not talking about a lot of money becasuse you car has to be worth something. If you had a moderately high rate at 48 months it is $35 per 1,000 towards your payments. so if your car is worth nothing that means your payment will be an additional $122. Don’t let it come to that. Good Luck on your negotiations on your new car!