I currently own a smaller SUV that I currently owe 10k on, at 8% APR (down from 23k, credit has improved to low 700's since then also). We ended up having another child and now with 2 children and 3 dogs, the smaller SUV no longer really fits our family. My husbands truck also no longer fits our family as it is a 3 seater and no longer really reliable given its age and high mileage (this has been paid off for a while). So my questions are... 1. Do we refinance the SUV loan to a lower rate? 2. Do we try to trade in the SUV for an upgrade to a larger SUV? If so, how does that work in relation to the remainder of the loan owed and recommendations on new/used? 3. Do we try to trade in both vehicles and obtain two newer/used vehicles that are reliable/fit our family? 4. If we do #3, is it possible for it to be all under one loan so we just have one lump sum payment vs two vehicle payments?
I'm so horrible at this stuff and the interwebs are not much help. Thanks in advance, Reddit!
Submitted February 21, 2019 at 11:39PM by Miss_Forgiver https://ift.tt/2V8ZVuQ
