topic Trade In/ Sell / Refinance or buy a new Car..Help you help here plsssssssss in Auto Loans

Trade In/ Sell / Refinance or buy a new Car..Help you help here plsssssssss

Anonymous — Tue, 07 Apr 2015 15:36:04 GMT

Hi, I have a Hyundai Sonata 2011 GLS with 47k miles on it.

I got this from carmax and I have $16k more to pay on the car loan

I have been looking to get a new car Nissan Pathfinder 2014/ since my wife and I are expecting a child

What will be the best decision?

Do I sell the 2011 Sonata GLS to a dealership and pay the balance on it or do I refinance this car and forget about the new car I want for the family?

I have saving with Glow financial

To be honest, I really don’t know much about this auto loan stuff.

One more thing, when I got this car from Carmax…they pulled a wrong Carfax report on this car..

Later found out that this car had an accident on the front. Carmax never mention this to me. And I can swear that I never saw any accident on the report they gave me when buying the SONATA.

I’m not a fan of accident car tho.

Please advise me in the best way.

Thank you all

My Fico from barclay is 710.

TU = 663

credit saseme = 663

EQ = 633

Re: Trade In/ Sell / Refinance or buy a new Car..Help you help here plsssssssss

sccredit — Tue, 07 Apr 2015 16:32:52 GMT

Given that your trade in value is $10k-$11k you'll need to come up with cash no matter what option you do.

Re: Trade In/ Sell / Refinance or buy a new Car..Help you help here plsssssssss

jhtrico1850 — Wed, 08 Apr 2015 01:25:59 GMT

You can roll over the negative equity to a new car loan. Depending on how underwater you are, you might have to do like a 1-2k down payment.

Re: Trade In/ Sell / Refinance or buy a new Car..Help you help here plsssssssss

SamsungHDTV — Wed, 08 Apr 2015 15:05:18 GMT

Why is Nissan Pathfinder > Sonata better for having a child? I don't know these two models very well.

Unless you have a lot of extra cash, I would just try to refinance (without knowing your interest rate). But given that its from carmax, I think its probably high. Also, never trust a carfax report. Its all a sham. Even if they gave you the correct report. Always get it inspected by independent mechanic if you're buying used.

My vote is to get your LTV in order and try to refinance.

Re: Trade In/ Sell / Refinance or buy a new Car..Help you help here plsssssssss

jim44 — Wed, 08 Apr 2015 18:22:01 GMT

@SamsungHDTV wrote:
Why is Nissan Pathfinder > Sonata better for having a child? I don't know these two models very well.

Unless you have a lot of extra cash, I would just try to refinance (without knowing your interest rate). But given that its from carmax, I think its probably high. Also, never trust a carfax report. Its all a sham. Even if they gave you the correct report. Always get it inspected by independent mechanic if you're buying used.

My vote is to get your LTV in order and try to refinance.

+1 IMO CarFax is just a reporting agency...... garbage in garbage out. I average about 2 reports a month that I have to try to correct. Have to admit though their advertising has worked as they prey on people's doubt when it comes to buying a vehicle. Their ads are offensive to honest car dealers and individuals.