Refinancing my car or trade it in?!!?

Question

I have a 99 camry, that i totally got beat on. I pay $291 a month and have been paying on time for 6 months. My term is for 48 months. I have about $10,000 left on the car. My interest rate is in the 20 percentile. Should I trade in my car or refinance it?!!! I really do not want my car anymore, especially with the high payments for that year.

Answer 1

They will only let you trade it in if you are buying a more expensive car.  So you would be in debt for even more money and unless you made the huge mistake of extending the note for even more months, your payment would be even higher.  The best thing to do, without question, is to refinance at a lower rate, then pay it off and hang onto it.  

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Car prices: http://www.kbb.com/

Answer 2

http://www.kbb.com/KBB/UsedCars/PricingR...

seems the value for a generic 99 camry is about $7k.

yes, you did get took.

and 20% is pretty awful.

now i didn't tell you this, but there's probably parts of town where your car wouldn't last long.

and i know you have insurance -- the dealer would have required that.

maybe you could go visit someone/thing around there, and leave your car.

if there's a problem, maybe you'll be out from under.

next time, (A) check kbb.com

(B) look on craig's list.

(C) keep in mind that gas is going to be expensive forever.

i got a nice little subaru awd for $2500.

at that price, you shouldn't have to worry about 20%.

and if you do, you have no business paying $10,000.

$291*48 = $14,000 + downpayment for $7,000 car.

next time you need to have someone shop with you, and talk you out of whatever the salesman is trying to sell you.