Leasing A Car With Bad Credit And Negative Equity

Like a virus it gets bigger and migrates to your new auto loan. One of the hardest situations to avoid in today s car market is negative equity.

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But can this be done if you need a bad credit car loan for your next car.

Leasing a car with bad credit and negative equity. Car leasing is often used as a way of hiding or covering up or rolling negative equity from a car loan. When trading a car with an upside down auto loan the amount of the loan not covered by the value of the car is called negative equity. What you are essentially doing when you finance a new car with negative equity from your old car is paying for two cars at the same time your old car s negative equity plus your entire new car.

For customers who are credit challenged this situation is compounded by the fact that the interest rates on bad credit car loans can be much higher than a traditional loan. And if you have bad credit you may find that this is going to be more difficult than you originally thought. Normally a trade in can be applied to a car purchase as part or all of your down payment.

Roll the negative equity into your new car loan. A bad credit car loan compounds the problem. At auto credit express we recommend that consumers should never trade their car in and buy a new car if they have negative equity.

But when your trade in has negative equity it s the exact opposite. Once you fall into the trap it s very difficult to get out of even with a low interest car loan. Negative equity simply does not just go away.

Let s say you owe 15 000 on your car loan but your dealer is offering only 13 000 for your trade in. Negative equity and bad credit. Once you have gone and had your credit score checked or if you already know and realize that you do not have the best of credit then you will want to start exploring the different possible options.

Negative equity mixing with bad credit auto loans if you are going to buy a car there is one aspect of yourself that you have to be sure of and that is your credit score. If you don t have enough cash in the bank to pay off your negative equity a car dealer will sometimes allow you to roll your negative equity into your new car loan.

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