@jbsilva21 wrote:
I read an old post about LTV on vehicle financing. We have a car we hate with about $3500 negative equity. We want to get a new toyota highlander limited that cost around $40000. Our combined income is about $110K and we want to put down $8k will there be enough LTV for them to do the deal? I know this is just an opinon but would it be fruitless to consider a vehicle on these terms? Credit is around 610
Where did you get the negative equity figure? If you sell the car you hate private party you are likely to have much less negative equity depending upon where your valuation was derived.
Don't trade. Sell the vehicle you have so you don't end up adding to the pp of the new one. It also gives you a mch better shot to negotiate the price on the new purchase without dragging it down with the neg equity.
Have you been to the Rebuilding Your Credit forum yet? You might have just a few tweeks to your current credit to get it to the mid 600s.
