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Old 09 Aug 2013, 12:32 am
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Default Your Open Question: Is it okay to trade in my 2008 Honda civic Lx that had 3,000 dollar loan to...

...get a 14,000 t? I thinking of trading my car 2008 Honda I only owe 3,400 on it. I was thinking of getting 14,000 dollar truck. I am doing house renos.

I wasn't sure if dealers allow this? Would it hurt my credit??

What do u guys think is the wise thing to do?
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Old 09 Aug 2013, 12:50 am
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Join Date: Aug 2007
Posts: 7

The wise thing to do is sell the car and pay out off. Then buy a $1500 crappy looking truck that runs good. Then you can make payments to yourself for a year, sell that truck and buy a better one with the money you've saved up. Never borrow money on something that goes down in value.
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Old 09 Aug 2013, 01:06 am
Join Date: Oct 2007
Posts: 53

As long as the car is worth more than the loan, you will be OK. The Honda is probably worth $8000-$10,000. That might mean you would pay for the truck with the $4600 -$6600 equity you have in your truck and another loan for $7400 -$9400. I can understand the need for a business truck. It is also a business tax write off. If things are going good in the reno business, go for it.
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Old 09 Aug 2013, 01:17 am
Join Date: Oct 2007
Posts: 97

Yes, thats fine.
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