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Poor Credit Auto Loan with Trade-In?

I have poor credit due to a repossession and a few missed payments on a couple of credit cards. In a few days, I will have my current vehicle completely paid off. I need to be placed into a bigger vehicle to accomodate passengers.
In searching these Q&A's, I've found that most dealers will approve a car loan for someone with poor credit, if they come with a down payment.
The car being traded in is worth $16k. The car I would like to take home is selling for $23k. In essence, I need a car loan for $7k. Is trading in a paid off vehicle the same as walking in with a down payment? What are the chances that I will be approved for a $7k auto loan?

The chances are pretty good.
Most finance companies do see trade equity as a down payment.

Although,
I suggest you try www.roadloans.com to qualify for your loan. Most of our hard to finance customers get a lower APR from there than we can get them financed for.

Also, it is easier to negotiate a lower price when you come in with your own financing. Source(s): work in a dealership

try a buy here pay here car lot
Yes, most finance companies consider trade equity as a down payment.

Since you're essentially puting $16k down, you should be able to get into a car easily. There's little chance of you walking away from that loan.

However, remember that you will need more than $7k. You'll have to pay sales tax on the entire $23k. There may also be some dealer fees. Also, $7k is a small loan for a car... you may be required to borrow at least $10k.

All in all, you're helping mitigate risk, so you should be able to get a good deal.
auto finance manager.
First, if you trade the car in at the dealer you will get less for it than if you tried to sell it on your own like in Autotrader or the Classifieds of your local paper. Second, because of your credit rating, you will pay a higher interest rate from the dealer because that is the FIRST thing they will point out to you. I would submit an application at a bank for a car loan or personal loan and see what interest rate they would charge you, if you can do it at a credit union that would be even better, they generally offer lower interest rates. The worst that will happen is the bank rate is higher than what the dealer will offer you. So what, then take the dealers rate. However, if the bank or credit union loan is a LOWER interest rate than you can tell that to the car company, not the ACTUAL number but that you already have a loan secured at a lower rate so if THEY want to finance it, they need to beat the rate. If you go into a car dealership without that other loan in your back pocket, then the dealership has you over a barrel, they can charge whatever they want. Finally, make sure you are willing to walk out of the car dealership if you can't come to an agreement. The car isn't going anywhere, neither are they, you can always come back if you don't hear from them, plus it gives you time to mull over their offer and maybe talk to a few other dealerships...get them to bid against each other a little.
Hello,
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Thanks.