Hey there, it's me again.
I recently have a though about in next 2 years, I'll trade in my 2008 IS250, which is financing for 5 years, for a 2014 or 2015 IS350. I got my car this year march 11 so wondering how is this going to be work out? I'm think of paying a down payment for 10K and the rest is the trade-in and I'll go to the same dealership. How is that going to be work out? Do I need to go through the same process as I did before? like checking the credit all that stuff or they just put me to the refinancing and no need to go through the "process" and change the amount of my loan? or can someone specify please ? thanks!

 

You can just go to your dealer and ask them in 2014 or 2015, you never know what happen 2 or 3 years later

 

Yeah what he said , but besides that why buy if u already thinking of changing wtf why just lease

 

Just pay off your current car in the meantime.
Then, when the time comes, you'll be in a better shape by owning the car outright. You never want to trade in anything you don't own.

 

Right! then I go there when the day came~

it's just a though came out from my mind yesterday so it's too late to make it lease instead of buying it (;

 

You think way too far ahead. you have 2-3 years to pay of the car if you can and sell it privately (more money) then buy the new one.

 

You will have to apply for a new loan. The current loan is for that specific vehicle. They will credit your down payment with the difference between the trade-in value of your car and the remaining loan balance. For example, your new car is $50,000, the trade-in is $10,000, and you still owe $5,000. So, you would get a new loan for $50,000 - $10,000 for your trade-in - $10,000 for your down payment + $5,000 for the residual loan amount for a loan amount of $35,000.

Of course, you'd probably be better off paying off your current loan early rather than saving up $10,000 for a down payment on a new car. Unless you got some crazy low interest rate on a used car, chances are your current interest rate on the loan is going to be greater than any rate you could get on a savings account that the $10,000 would be sitting in.

 

Put that 10k towards your loan and refinance to a lower rate at a local bank. You will always need to do a new application so the bank can see how your finances are currently (your current job/length of employment, current income, current debt to income ratio, value of the car vs. how much you are borrowing, any negative credit history between the time your purchased vs present, etc...).

Source: I've been in banking for a few years.

Let me know if you have any questions on the approval side of getting a car.