Credit experts please help

[JachBlaque]

I'm an army veteran and eligible for Chevys auto buying program for military members which gives a nice discount off the MSRP compared to other military programs. I could also take advantage of some additional offers like better interest rates if I qualify and/or other incentives. I havent had an auto loan since 2009, but I do have a boat loan with a little under 3 years left on it. I also plan to trade in my car, hoping to get around $5k for it. Im considering either selling or trading in the boat and my sedan. I owe roughly $6.2k on the boat loan and I think I could sell or trade it for at least $8.5k. The Chevy program is available until the end of this month, though it might be extended (hope so).. The bg quetsion is, should I trade everything in now or wait until my credit score improves for a better interest rate?

 

[JourneyArt]

I'm an army veteran and eligible for Chevys auto buying program for military members which gives a nice discount off the MSRP compared to other military programs. I could also take advantage of some additional offers like better interest rates if I qualify and/or other incentives. I havent had an auto loan since 2009, but I do have a boat loan with a little under 3 years left on it. I also plan to trade in my car, hoping to get around $5k for it. Im considering either selling or trading in the boat and my sedan. I owe roughly $6.2k on the boat loan and I think I could sell or trade it for at least $8.5k. The Chevy program is available until the end of this month, though it might be extended (hope so).. The bg quetsion is, should I trade everything in now or wait until my credit score improves for a better interest rate?

well, it's a gamble either way. The best move is to get pre qualified for an auto loan now. See what kind of interest rate you'd actually get with the discount. That way, you'll know exactly what you're giving up (or gaining) by waiting versus buying today. That info will make your decision way easier!

 

[Trustee25]

waiting might help if your credit is about to improve significantly, but rates and offers can change fast. With positive equity in both your car and boat, you're in a good spot to make a move now, just don't roll in any debt.