Question:
I currently have a ford fusion 06. I had it since last May and I owe like 17,000 still and the trade value is like 14,000. I have bad credit about 500 score and the fusion is co-signed. Is it possible to trade in my car for a 25,000 truck with my credit?
Answers:
What is the best car on the market to buy as far as price an quality?
It is highly unlikely to help your current financial situation, so it's doubtful a bank would touch it, and then it will take that much longer to get out of the rut.What is the most you would pay for a 2002 Lincoln LS Luxury 4 door Sedan ?
probably not.on top of that you are 3000 flipped so you would need to come up with AT LEAST that much down payment and probably another 20 to 25% of the purchase price on top of that. Keep making your payments on the Fusion and build your credit. Then refi it without your co-signer..in about a year and a half you should be able to step up..assuming you have no further credit problems and take care of anything still hanging out there.You are upside down 3K on the Fusion. What can you sell it for yourself? IF you can get even then go for it. But, don't buy a 25K truck. Try and find one older and that you can pick up cheaper. Maybe find one in an auction and you can get it wholesale. If it needs some work, you can get it done and still have money ahead. Don't get deep into debt, on a depreciating asset. Once you get some money ahead then you can blow it on a ride.
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