Tips on Buying Cars: TRADE IN, american honda finance, youthful mistakes

Question
Hi,

I own a 2002 honda civic ex with 26499 miles on it, in great condition. I do owe $3000 on it but i am in great need of a bigger car like an accord . i have contacted a dealership for a possible trade they claim that it is no problem car has good value, no money down, my car will be the down. the kicker is that my credit is shot due to youthful mistakes. can i get a good deal? my payments are on time and i financed thru american honda finance. any advice?

bert,nyc

Answer
Bert,

If these mistakes were made before Honda financed your current car, you made all of your payments on time durring this loan, and no other serious negative marks were made on your credit bureau over the last few years, there is little reason why Honda would not want to finance a car for you again.  Be prepared to put some money down, as this will bring the risk of your loan down and you are more likley to secure financing at good rate.