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Financing options with negative equity on current auto loan
Hi all,
I'm making payments on a 2010 Toyota Corolla with 80,000 miles. I originally leased then bought because millage overage fees at the end of the lease were killer.
A year later, I really don't want this car and I worry about it holding up because it's taken a beating over the years. Unfortunately, I still owe about $10,000 with it's value around $6,000-$7,000.
My first question is can I secure a loan for another used car that will also pay off my negative equity? A local Toyota dealership told me they could only finance my negative equity through new or leaser loans. But I would be more than comfortable with another used car.
Example: I finance another used car for $10,000. I trade my car in for $7,000. The remaining $3,000 is added to my loan. So I end up taking out a loan for $13,000 plus interest, etc. Is that possible through used car dealerships or third parties? Also, where would I tend to find the best deal for my trade-in and rates for the new loan?
If need be I could put about $1,500 down, but I'd like to know my options first.
Thanks.
I'm making payments on a 2010 Toyota Corolla with 80,000 miles. I originally leased then bought because millage overage fees at the end of the lease were killer.
A year later, I really don't want this car and I worry about it holding up because it's taken a beating over the years. Unfortunately, I still owe about $10,000 with it's value around $6,000-$7,000.
My first question is can I secure a loan for another used car that will also pay off my negative equity? A local Toyota dealership told me they could only finance my negative equity through new or leaser loans. But I would be more than comfortable with another used car.
Example: I finance another used car for $10,000. I trade my car in for $7,000. The remaining $3,000 is added to my loan. So I end up taking out a loan for $13,000 plus interest, etc. Is that possible through used car dealerships or third parties? Also, where would I tend to find the best deal for my trade-in and rates for the new loan?
If need be I could put about $1,500 down, but I'd like to know my options first.
Thanks.
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