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Dear Terry,
I want to purchase another car because the one I have now has given me more trouble than I care to continue supporting. However, I'm still
making payments on it. What steps do I need to take to get it paid off in order to purchase a dependable vehicle?
-- Jeanette Kindle
Dear Jeanette,
You should call your lender to get a payoff and
then check a site like KBB.com
or Edmunds.com
to see what the car might be worth. You can check
the trade-in value and the potential value of
selling to a private party. If the value is greater
than the loan amount, you're in good shape. If
you owe more than it's worth, calculate when you'll
have paid enough to make it worthwhile trading.
You can generate an amortization schedule for
your loan using Bankrate's "Monthly
auto loan payment calculator."
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