Is it good to refinance a car?
Sunday, February 1st, 2009
cjstudent2006 asked:
I just brought a 2001 Mazda Millenia and it had 64,000 miles on it. I have fair credit but it needs some improvement. The finance manger told me to clean up my credit and come back next year to refinance and get a newer car. Should I do that? I asked one of my co-workers about that and she told me she wasn’t really clear but she thinks it works like this; if I go to the dealer with a car that work $9000 and I only owe $6000, they would used the value of my car to pay of the amount owed and apply that to a down payment to the new car. Is that how it works? I have some time to think but I want to make the right decision.
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I just brought a 2001 Mazda Millenia and it had 64,000 miles on it. I have fair credit but it needs some improvement. The finance manger told me to clean up my credit and come back next year to refinance and get a newer car. Should I do that? I asked one of my co-workers about that and she told me she wasn’t really clear but she thinks it works like this; if I go to the dealer with a car that work $9000 and I only owe $6000, they would used the value of my car to pay of the amount owed and apply that to a down payment to the new car. Is that how it works? I have some time to think but I want to make the right decision.
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