l am 19 years old (20 in october), have had my same job for a year, and make around 18,000 a year.l got financed for a $14,000 chevy cobalt last december, and have made all my payments on time.Me and my step-dad co-signed.The last time l checked, my saleswoman told me that on my credit report the only thing on there was 5 payments and that my credit score was a 605.I am not sure if that is true or not and just so you know my payments now are 348 a month.

Now, after 8 perfect payments, (which should be the only 8 things on my report)l wanna trade in my car for a $16,000 car and am curious if it is even possible and how. As in do l have to have a co-signer, down paymentt, etc.And my payment plan is 72 months, so l have most likely just been paying off interest.And please do not tell me how stupid it would be to try and etc, l understand I will be in big time debt and l should keep my car for a while first.l just wanna know if you think it would be possible to get approved and how.Thanks for any !


also my car should be worth around 10,000 considering miles and everything, so l would most likely still be in debt 4 or less after trading it in.
l work at a dealorship as a porter for used cars.l do know that where l live my car would go for 10,000, other people have traded cobalts in here exactly like mine for 10 and they have more miles on it than mine.
Since all l have arethat l did not ask for, l guess l need to elaborate more to let everyone know that l do not need to worry about money right now, l live at home, going to school, and do not have to pay ANY OTHER BILLS except for insurance and gas, which both l already know l can afford on this car.

Why? Why waste your time to get a more expensive car, that you can barely afford, and that your credit has not changed much at all. Keep the current car you have, and pay it off first. Since its better on gas then what it seems your trying to get anyhow. Also, your car will not be at least 10k on trade in.

YOUR 19!!!! WHY THE HELL DO YOU NEED A NEW VEHICLE! You can find plenty of nice, used vehicles for under 2 grand. So why do not you save your money and enjoy not being in debt. Living in debt is not normal, but it is a shame many people think it is. Let me guess, you also bought an IPhone but in reality had no way of paying for the ungodly phone bill?

Just know that you are likely going to take on a $20000 loan, not $16000 because you will not get what you owe for your car. Since your interest rate might go up too without a co-signer, your payments will go up to close to or over $400 a month. As far as being approved, it is hard to know since it depends on how much other debt you have. Taking home a little over $1000 a month is not likely enough for a 400+ a month payment plus insurance.

You're still gonna need a co-signer. You have to realize that you're only making $18,000 a year, which is low imcome. l know you're still a teenager and making that much a year seems a lot but it really isn't.

Do not bother. Yes it is gonna be a big hassle & its unlikely u will get approved on ur own since u have little credit. Basically what will happen is they're gonna add on what u owe onto the other vehicle & u r making payments even longer. Why the f*** would u want that? You're 19! And u have more than just gas & insurance to pay. Things break on a car so u need to plan on maintanence for it. Remember that u own a Chevy & they ai not perfect ( l know, l own one).

You wo not get approved unless u have a cosigner again.

Most banks will still consider u a first time buyer until u have made at least 12 consecutive payments.

Also, u make only $1500 per month, which qualifies u for a payment of 15% to 20% of ur income, or $225 to $300 per month. Realistically, with ur short term payment history, the bank will want u to be somewhere around the $225 mark. And that payment for 72 months wo not buy the car. You need the cosigner to show more income.

Finally, if ur new car is $16,000 u need to add tax & license ($1600 or so), so now u owe $17,600. Then u add ur negative equity from the trade (you think it is $4000, l think it will be more than that.Using ur number of $4000 u will owe $21,600 on the new car. With ur short term payment history, the bank will not let u jump from a $14,000 loan to a $21,600 loan by yourself. It is just too soon.