Should i finance

[Anonymous]

First my credit is less than stellar and i have been working to improve it.  Current scores are around 610 all the way around.  3 credit cards with 2 reporting zero, a mortgage and a current auto loan.

Questions

I am going to trade my current vehicle 2017 traverse in on the purchase of a 2021 sierra.  I am about 5-6k upside down and want out of the vehicle.  This puts the out the door price for the truck at around 71k, which includes my discount, gm rebate, ttl and the upside down equity.

I have the ability to pay cash for this car and be done, but with the current market would it be smarter to say put 61k down and finance the rest over 5 years paying like 170 a month to help my credit?

would doing this be redundant since i have a mortgage?

Any suggestions would be awesome

Thanks

G

[sxa001]

If you already have a mortgage, I don't think you need to worry about having another installment loan.  If you can comfortably pay cash that is what I would do. 

Honestly, if you have the cash to just pay off your Traverse and then try to sell it on the private market you might make more that way then you would on trade in.  If you have the cash on hand this is likely a better way to go.    

[dunn2500]

used market is hot right now.....or was just cpl weeks ago, sellers are getting top dollar and also paying top dollar