Financing a vehicle
I have bad credit. I have 12,500.00 left to
pay on my car but want to trade it in along
with 1000.00 cash. Trying to get a black
Escalade. My car has approximately
70,000 miles I am paying 566.00 a month
want my payments to stay that way or less
my payments are paid bi weekly.
If you have bad credit I would recommend fixing your credit before going deeply in debt for an expensive car. You pay through the nose for interest when you have bad credit.
In addition the $12,500 you still owe on your current car gets rolled into the loan for the Escalade so your payments will be more!! You'll also be paying for 2 vehicles, one of which you no longer have! I think your best option is to try and lease something new and less expensive. You'll also have the benefit of the new car warranty. So if anything goes wrong it'll be fixed for free. HTH. -Jim
So what interest rate do they want- 29%?
The statement above is not necessarily correct about having two payments. It all depends on the equity you have in your trade-in. If you are offered more than what you owe on your trade-in then the difference goes toward the down payment of the new vehicle. Therefore the total finance amount based on interest rate and length of loan determine your payment amount.
A good dealership in your area should be able to answer your questions. If you can't get to your desired payment (obviously, your talking about an older used Escalade), then the option would be to sell your car, pay off the loan, and take whatever cash you have to put a down payment on your next car. If you open an account at a credit union, they can be very helpful with your financing.
It sure is correct. The money you owe on your trade in doesn't just go away. The dealer isn't going to eat it. They're in business to make money! -Jim
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