How long do I have to keep my new car. I just got tags and ready to trade it in.?

Question

I just got a 07 G6. I am 26 and this was my 1st car in my name. I was driving my car from college and it was in my dad's name but I was paying for it.

Well when I was in college I got a credit card and other things. Long story short I came out of college with bad credit. So I had to buy a car that I did not want.

My question is how long do I have to keep it before I can trade it in. I have a great job in and can afford almost any car I want. So I wa stold just drive it for a year and pay it on time and it will look good on my credit and I should be able to get the car I want with a good down payment. Is this true. Do you think I can get out of it by Dec., or I have to wait a year?

Answer 1

you can trade anytime you want and don't need to drive for a year, just be sure to check it;s value as you might be upside down on the loan which than is rolled into your next car and might bring loan up higher than what  a lender will lend you.

  as far as credit goes it won't matter how long you keep the cat it will depend on the credit company. I traded my last car 6 moths after I got it, didn't like ti and no problems.

  Be sure to find out value of your trade first and how much yor next one will cost so you have a better idea.

  I use edmunds.com easy site to get around, they will give you your trade value plus a new car price. No charge site.

Answer 2

its yours, youcan sell it anytime youwant to

you just want to be sure you don't owe more on it than its worth

Answer 3

You can trade it in as quick as you want, as long as you can afford to trade it.  You will take a big hit by trading early, depending on the deal you made when you bought the car you own now.

As far as your credit goes, paying for it for a few months is important to show the payment record, but if you have been paying for it for a few months now, the payment history will show and it will rate.  Just don't make a regular habit of doing that.  It can affect your credit, and can be very expensive trading too quickly too often.

Answer 4

Yeah you can sell it anytime you want really, but if you bought it new, it's not worth what you owe on it yet. Because now it is considered used and it's worth considerably less. That's why you need to wait at least a year (actually more) until it's worth more than you owe. But if it wasn't brand new, then that isn't a problem. But your credit won't start looking so good quite that fast. You might have to wait about a year.

If you're making good money, save up $400-500 a month in a savings account. Then in December you'll have $2,400-3,000 for a nice big down payment. So even though your credit may not look that great, they might be willing to sell you a car with a big down payment.

Answer 5

you could probably (providing that your credit is good and your income is high enough) trade it in now. however, whatever you still owe on that car will be added to the cost of your new car. so lets say you owe $5,000 and want to buy a $15,000 car. they would subtract the trade in value of the car. so lets say the trade in value is $2,500. you would actually be financing $17,500 dollars. remember the lower your credit rating and/or the riskier giving you a high loan is, the higher the interest rate you will pay.