my new used car

[Anonymous]

I have a question regarding my used car i bought on sept. Well i was approved on a apr. of 6 percent on a 2015 elantra with 22k miles on it the car is very nice and payments are very good although is not the main car i wanted. The sales guy said banks wouldnt let a first time buyer with little credit history get in debt with a car that cost 16k and up so he told me to get a 14k car and i got the coupe, but then he said i can go back in a year with the bank has enough history with me and i can refinance with a lower apr. Or i can trade in the car for any car i want. So now ima go for the year but would a trade in benefit me if i choose to get the car i want or should i just pay off the car. Im just trying get the whole trade in thing down my credit is not bad actually dealer said much higher the first time buyers who come in. Usually first timers always use co-signers but i got approved on my own so now i dont know just something in my head.

[Pway]

I would of ran far away from your sales guy.  I know many of people who has gotten approved for new car loans as their first car. 

[StartingOver10]

Agree with Pway.

Also, car dealerships don't refinance. All they do is trade.  A trade benefits the dealership and HURTS YOU.  

Don't get in the habit of trading your vehicles. Even if it is paid off, it is better to sell it private party (more money to you, sometimes substantially more). 

I would run from your sales rep - he would say anything (and did) to get you to buy a vehicle. He outright lied to you by saying that they "refinance". No car dealership refinances.

[mitchblue]

Salesman can be the devil. Don't believe what they say. Do your own research.