Auto finance?
Hey all,
i seem to get pretty good feedback and info. so hoepfully you can asssit this time. I have a '01 Mazda, w/ a balance due to 00 ( i know I know, it was my first car!! LOL), I need a new (pre-owned, but newer) car My car only values at approx. 00, due to it being re-painted (which I did not knwo when I initally got the car 3 yrs. ago). So I a wondering is it a good idea to get a auto loan for the amount of the car I am looking at and ADD IN the difference beween what the car is worth and balnce owed (00) into the loan? IS that even possible? If you are an expert of this please let me knwo and leave your email addres if you don't mind if I have more questions, thank you much!! I can recieve emails, thanks!
4 got to mention i did have a accident, the hood / lights damaged, but this got fixed and repainted.
oh by the way the accident is not on my record.
June 10th, 2009 at 1:53 am
Your Mazda is NOT worth $2000…. don't believe what the dealers tell you. You can sell it privately and get at least double that. Repainting isn't a big deal, you can even put a positive spin on it like "it was repainted recently so the paint is perfect and shiny!" But they'll want to know why it was repainted…. as long as it wasn't due to an accident, should be fine.
When you are approved for a loan, they usually tell you the max you qualify for, such as $50k. So if you're buying a $20k car, you can certainly add some negative equity to it and buy it for $24k. As long as you aren't paying $40k for a $20k, it should be alright.