looking for loan and trade-in advice.

[DirtyApe]

Hi, I'm new to the forums and I have some questions.
I currently own a '99 Nissan Sentra which I've had for nearly 2 years. Near the end of this summer I'm returning state side from deployment and I'll have a good chunk of change saved up. I'm interested in trying to get a new/newer car but I still have about $4,000 left on my car loan that's through a credit union. One problem I know I'll face is that I don't have good credit but I am military if that makes any world of a difference.
The other part of this thread is that I have no idea what brand/model/year I should be looking for. I'm concerned with finding a car with low mileage (bought the nissan with 88k miles on it), decent to good mileage (25+) and decent performance. I'm not looking for a race car but I don't want a snail either. I don't mind if its automatic or manual even though I'll have to learn how to drive a manual.
Thanks for taking the time to read this and any help would be greatly appreciated.

['97ventureowner]

Welcome to AF ! First thing I would do is get a copy of your credit report with FICO score ( get all 3 agency reports with scores as they vary.)You are entitled to one free report from each agency each year through www.annualcreditreport.com . From there you will know where you stand (how bad or good your score is.) in determining the amount and rate you will get from a financial institution. Also by getting a copy of your report, you can check for errors and correct them before you start looking for a car. Many times fixing errors can lead to a slightly higher score. You will also know what areas are troublesome on your report so you can start to work on them.
Have you thought about selling the '99 in a private sale. One other option is to trade it in and have the dealer roll the amount left after trade-in to your new loan, but you may not get very much for a 10 year old car. Selling it in a private sale could net you more, and you could apply those proceeds from the sale to the loan for the '99.
Talk to the loan dept. at the credit union where you have the loan. Explain your situation, including your credit and what you hope to accomplish. Maybe they might be able to offer some suggestions or be able to help you do what you want.
Why do you need a new car once you come back from deployment? Is there something wrong with your current one? If not why don't you consider driving it a bit longer while you continue to pay down the balance as fast as you can while building your credit back up in the meantime. That can set the stage to get a better loan when the time comes to get another car. Instead of rushing into things, wait it out a bit , pay down the balance on your present car and see if your credit score improves. that time you can also continue searching for what you want in a new vehicle. Good luck!

[DirtyApe]

The main reason I want a new car is that Nissan and is starting to develop random leaks and wearing down. I've talked with my dad, who is a great mechanic btw, and he even feels that the car is coming to a point where keeping it is going to cost me a lot of money in repairs. This is why I was thinking of using it as a trade-in instead of going the private seller way because I don't feel right selling something to someone if its going to break down soon after.
I'll checkout the credit report link and see where I stand with my credit. Thanks for thoughts.

['97ventureowner]

You're probably not going to get very much using it as a trade-in as the vehicle is 10 years old. The dealer will more than likely send it through the auctions. What you could do is to sell it through a classified ad and list it as a "mechanic's fixer upper" and tell people what you know is wrong with the vehicle when they come to look at it. There are some out there who buy vehicles to fix up and drive, and yours sounds like a good candidate. That way you won't feel guilty selling it to someone with all that is wrong with it. You'll probably get more for it that way than a dealer who may say they're doing you a favor and taking it off your hands.

[doc3045]

Well you are in a some what good position. Right now is the time to get a car if your going to get one. When you are looking for your new car be sure you find out if the dealership offers in type of incentives. I bought a new car about two years ago, and didn't think to ask the dealer about any incentives they had. Well turns out they had a free upgrade, "cd player, power seats, sun roof" etc. So I missed out. My point is if you dont ask they wont tell. You should also do some research before you buy. Starting with the internet is always a good start. I like to use KnoxautoOnline.com when I need some research info. You should be able to pretty much name your price for the car you want, especailly right now.

Good luck,

[whatugiv]

Hello!
you will get more money selling your Sentra than you would if you trade it in. I agree with keeping it for a bit and finding out whats on your credit report and cleaning up any blemishes. Sit with the loan officer at your credit union where you got your previous loan and go over your credit report. They should be more than willing to help. If you run into any snags let me know. I would be happy to help you, and all of our men and women in uniform.
Being a Marine I know what its like to buy your first new car from the "local dealership". Most of the dealerships near base respond like wolves when they see a lamb come on to their lot. Its really unfortunate. I know because I paid way too much for my truck and they crushed me on the interest rate. I don't want you having to go through the same headache. Who knows, maybe your credit is better than they are saying.
I look forward to helping you in anyway that I am able to! Thank you for your service!

[fumilayo]

You always get more money for your car if you sell it on your own. Problem is, if it's not worth the $4k you owe, you'll have to pay off the balance of your loan in order to get the pink slip to the new owner. You will lose some money trading it in, but that may be an option you need to pursue. If you are in the military, check with Navy Fed Credit Union. I've seen them give incredible loans to active military that the dealers couldn't touch. Also, some dealers have lenders that are just for military members so that may be another option for you. Another helpful step would be to visit www.kardawg.com to help you get the best deal on the various steps of the car buying process. Good luck!!

[whatugiv]

I completely agree with Fumilayo. When I was stationed in Jacksonville North Carolina I got two awesome loans with Navy Federal Credit Union. Plus with th direct deposit and automatic bill by I never had to worry about making payments because NFCU took care of that for me. They even set me up with insurance.
I would definitely contact them and see what they can do for you.