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Buying a car - trade in balance question
Posted on 7/28/15 at 4:54 pm
Posted on 7/28/15 at 4:54 pm
If I have a balance on a car that I am on trading in, is it better for my credit to pay off balance prior to new purchase; or is it better to increase the amount of down payment to cover the balance of the balance plus a sufficient down payment?
This post was edited on 7/28/15 at 5:02 pm
1
Posted on 7/28/15 at 5:16 pm to LSUjefe
It is irrelevant for your credit score.
Are you upside down on it?
Borrowing less money is always better if you can put some down.
Are you upside down on it?
Borrowing less money is always better if you can put some down.
Posted on 7/28/15 at 5:20 pm to TigerSaints318
It's all the same.
Only difference is who mails the check to payoff the balance, you or the new car dealer.
Only difference is who mails the check to payoff the balance, you or the new car dealer.
Posted on 7/28/15 at 6:16 pm to LSUtigerME
quote:
If I have a balance on a car that I am on trading in, is it better for my credit to pay off balance prior to new purchase; or is it better to increase the amount of down payment to cover the balance of the balance plus a sufficient down payment
Will not matter credit wise. If you can pay off the vehicle, or put that amount down towards new purchase, it all means the same.
Posted on 7/28/15 at 9:34 pm to Coach Guidry
Agree. Does not effect credit, less amount finance is always best in my opinion, unless you get 0.0% which then who cares
Posted on 7/29/15 at 8:39 am to CoachRobertson
quote:
unless you get 0.0% which then who cares
oh come on now...lets not be silly...
Posted on 7/29/15 at 9:13 pm to Coach Guidry
I know Honda does not offer 0.0% APR, but Kia Motor Finance does. You pay a small 'finance fee', but it's $150-250 depending on model. Don't hate
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