I want a different car? But, I have issues... Help!?

Question

I have poor credit and I bought a car 2 years ago with a high interest rate. I am currently upside down on the car and it has turned out to be a money sucker... (I had to have the transmission replaced at 59k miles, only about 10k miles after I bought it). We have a baby on the way and I'd like a more practical car with a lower payment. Any suggestions? I don't know if there is anything I can do, but I thought I'd ask in case someone has been in the same situation. Thanks!

Answer 1

Take up a second job and pay off what you are upside down on ASAP.

Your significant other needs to pile on with a 2nd job as well.

You won't get anyone else in their right mind to take this off your hands for anything more than fair market value, but you will still owe the rest even if an agreement is reached in some way.

Answer 2

really your options are limited.  the best thing would be to pay off what you have as soon as you can to move it.  a baby makes things difficult, especially if you have a 2 door coupe.  but check out getting a bank loan for what you owe.  generally the interest rates will be lower, in some cases significantly so, lowering the payments in the end.

Answer 3

THE BEST thing to do is to buy a USED car from a PRIVATE seller.

That way you wont owe anyone money AND traders wont be charging you 10-20% more of the cars original value

Answer 4

Your best bet is to sell the car on your own.  Whatever you do, don't go to a dealer and let them build what you owe on into a new loan.