I have a trade-in that is worth 12,00, and I owe 19,000. What can I do to get a car with a cheaper payment?

Answers:2   |   LastUpdateAt:2012-10-22 08:53:03  

Question
Amsden
Asked at
? I can get a cheaper car , and pay , to have about 7,000 left in current loan ? I can ? Refianance the 7000, too?
Answer1AbeamAnswered at 2012-10-10 06:54:28
Sorry, but we can not refinance way out of debt . All they do is make the loan period much longer. MedlinePlus
Answer2nekkoAnswered at 2012-10-22 08:52:59
The $ 7,000 in negative equity will be a problem . If you can not pay out of pocket , will increase the amount that would loan for your new car for $ 7000 and payments will increase accordingly. It is never a good idea to fund seven thousand dollars of negative equity . You will be in a prone position is worse than they are now , and I have serious doubts that you can get a cheaper car with a lower payment once you take into account the $ 7k . Keep the car we have now , and what it takes to get it off before going to spend even more money we do not have .
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