Brand new to used car?

Question

I got my brand new car for 22,000 then i want to trade it for a second hand car worth 8,000 they say they will get my brand new car for 18,000. How much is my new car loan.?

Answer 1

Unless you made a large down payment at the time you bought your new car, you probably owe more than it's worth. You should check with your loan company or bank to get the current balance on your loan.

Let's say you still owe $20,000 and the dealer will give you $18,000. This means you are $2000 upside down and your second hand car will now cost you $10,000 instead of $8000. Is that what you want to do?

Good luck.

Answer 2

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Answer 3

you will owe $4000 from your new car plus $8000 for the used car, ie $12000, which means you will be upside down for quite a while.