Looking for advice. Keep or buy?

[dav419tor]

Hello and thanks for letting me be part of this community! Our recent BK was discharged on 10/24/13. One day after I was approved for an unsecured Capital One card. My wife and I reaffirmed our existing auto loan which currently has 8 months remaining of a 48-month loan. My credit was horrible when we purchased the vehicle and I believe the rate was around 19%. It was about the only car that we could get based on our income and credit. My family has grown and my kids are bigger now LOL. I'm looking for help on deciding if I should just keep and payoff my auto loan or simply trade in for something bigger and better for my family? I've heard both keep and buy new(or used) will help improve my credit score. After filing my BK my score was around 480 and as of today its up to 540 with Equifax. Experian and TransUnion both 515-560. Any advice would be greatly appreciated! Thanks  

[SamsungHDTV]

If it runs fine, keep it until it no longer runs. That's coming based off a saving money point of view. The credit really shouldn't be a factor in that decision. You should pay it off asap because of the rate.

Once its paid off, you should then buy another car that will fit your growing family. Its only 8 months left. Hopefully your credit will improve by then so that you can qualify for a better rate.

[Creditaddict]

In this case the longer you can way the better your score will get but if you must try capitalone auto financing and see what rate and amount they will give you and then post back.