Tag Archives: Toyota

Should I Trade in an Expensive Car with Negative Equity for a Cheaper One to Lower My Payments?

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refinanced

I have a 2006 get out of Charger R/T that I owe about $30,000 on. It’s now worth $20,000. I pay about $690 a month for the car and I’m a few months into a refinanced five year loan. I was looking at trading the Charger in for a $17,000 Toyota Corolla and rolling the unenthusiastic equity into the new loan. My payments would be about $510 on a 6-year loan with a total finance of $27,000. The Charger gets 20 mpg at best and costs $1500 a year to insure. A Toyota Corolla gets nearly 40 mpg and would cost less to insure. Plus the Charger attracts control and traffic tickets because of its appearance. But, I would be trading in a top-of-the-line car with all the options in for a very basic commuter car. The question is, “Is it worth the trade?
The reason I’m doing it is just for saving money. I can meet the deprivation of the current payments.

Can I Refinance My Car Loan for a Lower Monthly Payment?

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refinance

I need a lower monthly payment on my 2006 Toyota Corolla I bought new from the dealer. Can I refinance the loan to do this? How do I go about it?
I already have a Home Equity Loan for a touch else. The car loan is through a credit union. I am maxed out on lines of credit.
I already used my Home Equity line of Credit for a touch else, so I can’t use it for that. I still owe $14,500, there is not enough equity left to pay that!