Do you think I ll get approved for this car?

I recently found a 2011 Ford Explorer Limited with 68,000 miles for $24,000 that I want to buy. I have a car that is entirely in my name. I've had it for almost a year, never missed a payment, never been late. It was my first line of credit so it was a relatively inexpensive car. I still owe $11,000 on it and the ford dealership offered me $7,000 to trade it in (honestly more than I was expecting). I have a small credit card that I just recently paid off to a balance of zero but I'm not sure if the company has reported it to the credit bereaus yet. It was practically maxed out and because of that, last time I checked my score it was a 586. So with $4000 of negative equity, a score of 586 (assuming… It could be higher now) and $5,000.00 cash down, what do you think my chances are?

Dave ramsey comes to mind my friend i would stop making the banks rich if i were you

you could private sale the car you have now and get alot more than from a trade in and you can get a very dependable vehicle with the 5,000 cash

they don't look at auto credit when purchasing a home any ways

It's far too expensive. At least 5000 too much.
http://www.thecarconnection.com/inventory?make=ford&model=explorer&year=2011

Insane idea. Score is too low. If you have $5000 in cash, why haven't you paid the loan down?

Chances are your income isn't high enough for the amount of car you are seeking.

Do you understand how many thousands you lose everytime you trade?

The money down will just barely cover you negative equity, and after tax, title, and license, you're still financing over $26,000. You score is going to get you a horrible rate, if you get approved at all. The big thing is your income. If you're not making over $3000 per month, you won't get approved simply because the payment will be too high.

If you can be approved, which is unlikely due to your very low credit score, your $5000 down would cover your $4000 negative equity, with $1000 left over to apply to the new car and all it's assorted purchase costs, such as sales tax, title and registration fees, and initial insurance cost.

If there's a possibility of finance you should talk to your '' dealer finance office '' and #2- talk to your bank so you can learn the best way to get financed ==== the dealer wants to sell cars and the dealer does not care if you have high payments == just be sure that you can afford the payments and insurance and gasoline and rent and groceries… PRICE @ KBB is near 18,000 and the price you are looking at is too high… Shop more Ford dealers… Look online… Compare vehicles…

You may get the loan but it will be at high interest rates and you will end up owning more than it is worth just like you do now.

When you find yourself in a hole, quit digging. Hint: You are in a hole.