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buying a car when you still owe..

Posted by on Sep. 10, 2013 at 12:59 AM
  • 12 Replies

Hey ... we are needing to get a bigger car.. looking at a van. Right now we just have a 5 seater small toyota yaris. we have 2 car seats and not enough space. I was just wondering if anyone has bought a car even when you still owe a lot on your current one? What was your experience? Does it effect your credit a lot?

by on Sep. 10, 2013 at 12:59 AM
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Replies (1-10):
BeautifulFey
by on Sep. 10, 2013 at 1:26 AM

We owe about 15k on the current car, but we will be buying a small 'around town' car soon so we don't waste so much fuel.

SissyAnn141
by on Sep. 10, 2013 at 1:47 AM

 

   Not really a wise choice.

  I am over 40 years old, been there and done that, paid the price :( .

djenesis81
by Laura on Sep. 10, 2013 at 2:24 AM

If you can find a vehicle that has a great deal on it then it can work.  You'll have inequity on your trade in so a great deal on a purchase can help even it out so that you don't start off over your head on a new one.  It's a tough situation though, just make sure that you don't borrow more than the market value on your new one otherwise you'll be stuck in a vicious cycle and be going through this again sometime.

MixedCooke
by Ruby Member on Sep. 10, 2013 at 2:54 AM

why not just trade it in?

mama728
by on Sep. 10, 2013 at 8:26 PM
We are trading it in. We still owe 11k on it. But will probably only get $6k for it. So that leaves $5k on top of the new car


Quoting MixedCooke:

why not just trade it in?


thatgirl70
by Carin on Sep. 10, 2013 at 8:42 PM

No, sorry, our car was pretty old by the time we finally bought a new one. 

beadingmom17
by Rachel on Sep. 10, 2013 at 8:45 PM
Before we got married, my DH did that and it jacked the payments up so high. If you can tough it out, I definitely would.
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ColieO
by I Rock on Sep. 10, 2013 at 8:46 PM
We traded in, but the car was worth more than we owed so we weren't owing anything on it on top of the new car.
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awesomemommy2
by on Sep. 10, 2013 at 8:50 PM
They just roll the $5k into your new payment. So if your new car is $25k the new car payment is based on $30k. Does nothing at all to your credit besides show the amount outstanding.
calsmom62
by Silver Member on Sep. 10, 2013 at 8:55 PM
why don't you sell it privately. you will get more for it
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