Bought a new car a year ago, probably shouldn't have
Date: Sat, 03/12/2011 - 10:46
Anyway, here I am now trying to save money with this car payment looming over my head. I have 4 years left to pay off the remainder of this loan (around $11.5k). I was thinking of trading this car in for something even cheaper. Possibly moving into a used Honda or something of the sort, for ~9k. My trade in is worth around $15k so this would leave me financing around $6k for a car about 6 years older.
I'm not sure if I should continue just paying off the new car or go with the older one. I can afford the new one, but since I'm moving into a new apartment, between the payments and insurance money will be a little tighter than I'd like.
Any advice is appreciated!
If you feel that it will be difficult for you to make the paymen
If you feel that it will be difficult for you to make the payments and insurance after you move into a new a apartment, I will suggest you to continue with your present car and it's payments. Once you settle down there and when your situation is better off, then you can sell off the existing car and look out for a new one.
I don't think it will be a wise idea to buy a new car now. What
I don't think it will be a wise idea to buy a new car now. What I would suggest you is work out an payment arrangement with your creditor. If your creditor refuses, then you can trade this car for something cheaper. This way you may save some extra money.
If you can't afford the payment, check into refinancing the loan
If you can't afford the payment, check into refinancing the loan.