I want to purchase another car but my credit is weak.(follow up..more info)?

Question

The car I have now is a 2005 it was a demo, I bought it about 18 months ago, the warranty is about to run out next month. One of the salespeople suggested that I keep it for about 18 months and get rid of it...because my credit was bad I was stuck making high monthly payments...I made all but 2 payments on time and I recently as of three months ago paid off all but one credit card off. I closed those accounts and according to my credit report..my credit will eventually be fair...I really don't have much time to wait because my warranty will end next month...So I was wondering whether I might end up paying less of a monthly payment than I was before...my trade in has low mileage like..21,000 and its a 2005....

Answer 1

Auto finance is what I do for a living and your problem is going to be that after only 18 payments you are going to owe much more then the vehicle is worth.

I also do not understand why you are so worried about a waranty? I drive a 10-years old car with 100,000 miles on it and it drives like it's brand new.

If you think you can not live without a warranty, you can always buy one for cash as long as you do it before the factory one runs out.

Answer 2

can i pay you by cheque if yes get back to me your contact info and the name you want onyour cheque and the amount you want to sell your car

Answer 3

My car is 8 years old and I have no idea when the warrently ran out .. I intend to keep it going (with annual services) as long as possible .. perhaps another 5 years or so .. my credit is 'first rate', I have no debts and pay off my Credit Cards every month ...  I put 15% of my income into my Pension .. .. I suggest you consider doing the same ..

Answer 4

Wow, so you still owe one credit card, I though another post you say that you had pay off all your credit card. Even if you did, I would still suggest you to keep your current car. And you had not pay couple payment on time?! Not sure why you need an auto warranty, and that is the reason for you to buy another car. Please learn more about personal finance and don't get yourself into more financial problem. Or I should say, do yoursefl a favorite and strenghthen your personal financial situation. Why do you think you are paying high interest (with high monthly payments) now?

BTW, I drove my last car for 10 years until it hit 16,000 (unfortunately that it was not a Japanese car, otherwise, I might be able to keep it for another 9,000 miles), and started to make weird noises. Believe, it felt good not to be in debt, so don't get yourself into even more.