I want to sell my car and get another car, Will it hurt my credit ? MORE INSIDE
05-13-2008 05:15 PM
I owe 19K on my car. It's a 2005 GTO 6.0 V8 with 400 HP. Due to the gas prices with no relief in sight, I want to downsize to a Toyota Yaris. I owe 19K on the car and according to edmunds.com, the dealer trade in value is 16K. That's 3k that I owe that will be tacked onto the price of the Yaris. I can get a pre-owned 2007 Yaris with 9k miles for 12k. So 12k + 3K would be 15K. The amount of car debt I owe would drop to 15k. Here is the catch..I am trying to pay off credit card debt and improve my credit score as much as I can since I am going to buy a house in December/January. Should I wait until then to buy my Yaris ? Or should I buy it now ? How will buying another car...but effectively lowering my loan amount effect my credit ? Thanks !
God is keeping score....be good to others.