Overhaulin'

I need to trade in my car that I am upside down in with regards to the loan....?

What's the best way to go about this? My loan is almost double my vehicles value, but I need something more reliable. Does anyone know much about rebates and incentives on new cars, and is there a way those can benfit my situation?

Public Comments

1. Just try to come up with a downpayment.
2. You are not goiong to get a deal. YOur over all best bet is to pay for the thing 1st. second best is to sell it if possible, and buy another one adding the balance to the present loan , if the bank will allow it. but you'll have a much bigger payment on the new one which than wil start out with more owed on it than the value. Likely i fyou trade it in the dealer will run the cost of the new car up sop as to really rip you one. your best bet is toi either keep it or talk ot several dealers first, andf buy something like a toyoto or neissan about 3/4 years old arrange a good fionanceiong, sell the older one and combine the balance with the new loan. Toyotos and neissans will last longer give better service and resell bette rthan any pother cars. You buy a used chevy or ford or chysler product and you are asking for trouble.
3. Your best bet is to come up with a downpayment. If your loan is double the cars value then the car dealership will tack the leftover loan amount onto the loan for your new car. That will make your new loan higher than the value of your new car. Incentives and rebates are generally only on new cars and I don't know if they would be enough to offset the problems with your current vehicle.
4. Definitely you would need to buy a new car (not used) and would probably get switched to a lease. It is hard to hide that much money. Check with the big 3 (Ford, Chrysler and Chevy) for the best rebates and largest amounts financed (or leased). They love to finance their own cars and will do higher risk loans on them.