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Auto loan and trading in broken car

reese_station
New Member

Auto loan and trading in broken car

I’m looking at buying a used car, I currently have a car loan that I just refinanced for $4900. The transmission on the car is shot. My wife is due with our 4th kid anyday and I need a vehicle that can fit our growing family and is reliable. The car might get $1000 for trade in, that’s a maybe. What is the best way to go about this and keep my payments under $300? If that’s even possible.
Last I checked scores were around 640 since I went on vacation and racked up a few credit card bills. I have no money to put down at all.
Message 1 of 4
3 REPLIES 3
Brian_Earl_Spilner
Community Leader
Mega Contributor

Re: Auto loan and trading in broken car

You'll basically be looking for a car that's $10k or less and a 60-72 mos contract. It's possible to do no down payment, but not likely. Try looking at carvana. You can pre qual on a soft pull and it will give you an idea of what you should be looking for along with expected rates, down payments and contract lengths. When I was shopping, they actually were giving me better rates than cap1.




Message 2 of 4
SweetCreditObsession
Established Contributor

Re: Auto loan and trading in broken car

Also try your CUs and Cap1 Auto Navigator. Best wishes.


EX: 734 (+71)| TU: 741 (+81)| EQ: 747 (+102)| TU Fico 9: 704

Next Goal: Min. 740 w/all CRAs

Subsequent Goal(s): Min. 760 w/all CRA & Chase FU

Gardening Until: 06/20/2021| Last App: 5/27/2020
Message 3 of 4
SteelerNYC
Valued Contributor

Re: Auto loan and trading in broken car

Even if you don't want to keep the car, you should find a used transmission online and pay a shop to put it in then sell it.

 

If it costs you $1500 to do this but makes the car worth $5k again instead of $1k, you will have just saved $2500.

Ch 7 Discharge May 2015
Discover/Target/NFCU CLOC/NFCU More Rewards Amex/NFCU Platinum/PenFed Power Cash Rewards/PenFed Pathfinder Visa/Citi Costco Visa/CapitalOne SavorOne/Apple Card - $139,100 total revolving, 21% utilization
3.25% mortgage July 2020, $20k used Auto Loan October 2020, $20k PenFed Personal Loan Dec 2020
687/683/673 EX/EQ/TU w/ 5/6/6 INQs as of Jan 2021
Spending 2021 in the Garden
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