Comments on: Auto finance? http://www.automotiveshoppy.com/auto-finance/auto-finance Your One Stop Auto Shop Sat, 25 Jul 2009 11:41:29 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Shaq iz Phat http://www.automotiveshoppy.com/auto-finance/auto-finance/comment-page-1#comment-119 Shaq iz Phat Wed, 10 Jun 2009 06:53:32 +0000 http://www.automotiveshoppy.com/auto-finance/auto-finance#comment-119 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. 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.

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