LOTL

iTrader: (1)

im financing my car for about gonna be a year now the total car cost is like 15k, my problem is i want another car realll bad which cost 19k, and my question is can i trade my car in and finance the other car??

ru4real

After struggling to understand your post, I believe the answer is yes.

Trade-in your car or sell it privately, and arrange financing for the 19K car. You can finance through the dealer or a local bank, credit union, or internet establishment (E-loan, Peoplefirst, AAA, etc.).

LOTL

iTrader: (1)

so i can trade it in even though i havent finished paying it?

EVOTEXAS

iTrader: (12)

It doesn't matter what your car cost.

What matter is this:

Purchase price of new car - 19K plus TTL
Trade in value of your car combined with what you owe on it. For example, you may have paid 15K for your car but the dealer will give you 10K on trade in. You still owe 13K. So you are 3K "upside down" in your trade.

So the price for the new car will be 22K plus TTL. They roll your negative equity (3K) into the new purchase price.

Unless you owe LESS than the trade in value of your car I would not recommend you make the change until you do. This is a good way to get into financial trouble and a good way to make it take longer to pay off, and pay more interest on a car than it's worth.

When you get ready to trade in the new car you will be even further upside down it. That will REALLY suck.

So the question is, how much do you owe on your car and how much can you sell it for/trade it in for?

metaphysical

iTrader: (3)

It's an equity situation and depending on how much inequity you have, paired with your credit score will determine the situation.

1) Call the bank which you financed your Lancer ES and get your current payoff.
Then report back to the forum with that and I'll give you the wholesale value.

LOTL

iTrader: (1)

my payoff is around 11k and it has like 4k miles on it so the value shouldnt be that low

EVOTEXAS

iTrader: (12)

Trust me, regarding value and dealers, you will feel screwed.

dizzigital

iTrader: (5)

put 5 grand down or add 5 grand to the purchase price of your next car.. or sell it private party, you'll get a bit more. rebates can help you with down payment as well. what kind of car are you looking into?

dizzigital

iTrader: (5)

my bad, just noticed it was 2003... just a guess, you'll get 7 grand for it if you give it to a dealership. you might be able to squeeze out 8.

LOTL

iTrader: (1)

yea i did some thing on a website and it told me the retail value at a dealership is 8600 which sucks and im lookin to get a 99' 3000gt

LOTL

iTrader: (1)

i can sell it private?

EVOTEXAS

iTrader: (12)

On top of everything else, are you certain you want to pay that much for a car and finance it considering there is no warranty and it's a Mitsu with questionable support? I mean, it's cool and all, but if you can get out even on your car somehow, it might be better to get an EVO RS, no? Just my 2.

dizzigital

iTrader: (5)

it's all good, just get the minimum amount down required and get your 3000GT.

LOTL

iTrader: (1)

i just want to kno how much im gonna be financing in total and evotexas all i have to say is........3000gt stage 2 turbo>>>>>>>evo stage 2 turbo

dizzigital

iTrader: (5)

you're going to be financing probably $4,000 + the selling price of the 3000GT + tax and license -- if you put 0 down and you qualify to advance that much. otherwise, you'd probably have to put anywhere from $1,000 to $3,000 down which would then make the amount financed lower.