i have an 06 enthusiast w/19k miles and planning to trade it in for a used 07 murano S w/ 18k miles for $19,900. Now, my payoff is $30k KBB value of my car is $20K excellent condition leaving a balance of $10k. I will put $2k down and the balance will be loaded to the Murano making it $27k finance w/o tax and tag. Will the bank approve my loan???

 

No. Essentially you want to borrow $30,000 with a $2,000 down payment. The risk is too high for the lender: you have a $20,000 truck. He has a note for $28,000. Sorry.

 

Everything depends on your credit.

 

will it be better to get a brand new?

 

I'm going to say no. Being upside down in a car loan = bad news. Getting financed for $7k-$8k over the book price is going to be tough. You MIGHT get lucky, but why in the world would you want to put yourself THAT much into the red??? You're playing with fire my friend.

 

sounds like i would have to put at least 5k down for either new or used huh

In my position what do i need to do to make a trade, what amount of car to get, year, new or used, amount of down payment?

 

Majorly upside down. Don't do it.

 

How do you still owe $30,000 on an 06 enthusiast? Have you not paid a dollar towards your loan??

 

try it

 

My guess would be he already did this "upside down on the last car, finance the negative equity balance" when he bought the Z.

@OP. Don't do it. Drive what you have until you can at LEAST break even getting out of it. How much farther upside down do you wanna be? Jeeze.

 

He most likely rolled over debt from the car he had before.

If thats the case, you need to really rethink your car buying habits. Seems to me you are really trading cars out way to often.

I doubt you will get this approved either new or used but even if you could you shouldn't

 

How much of that balance is interest? If its a lot try re-financing your car first. Work with that for a year then trade her in if your serious. Otherwise your paying a **** load of money for a murano.

 

Ouch, you are in a downward spiral with this negative equity. You sir, need to keep the car you are in and pay every extra dollar you make on it. If you need a Suv, buy one that is cheap and pay for it.

If I were you, I would not even consider anymore debt until you get out of the current situation.

Back on subject though, yes, if your credit is good enough, you would probably be able to get that Murano (20k) for about 650 bucks a month or more! NOT WORTH IT!

 

also note you are most likely NOT going to get the excellent condition KBB price even if your car is in excellent condition.

 

plenty of ways. Long term (6-7 years) loan, high interest rates, equity of last vehicle.

To the OP, yes, it's very possible for you to trade in your car and get approved. Is it the smart thing to do? no, not really. WIll your interest rate be good? probably not. It would be smarter to buy a brand new murano with a lower finance rate.

 

Gap insurance ftw if you do it

 

think that only kicks in if you wreck it.

 

ewwwwww the red! Keep the car dude, it's much better anyways.

 

This would only help if he had totalled his car or it was stolen.