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Not all bad credit or financial situations are the same. There are many reasons why consumers with damaged credit or tricky financial situations may have difficulty getting approved for an auto loan.

Trading in your vehicle won’t necessarily hurt you during the car buying process unless you have negative equity, in which case you may not be able to trade it in at all.

If you're buying a vehicle and have an old used car to get rid of, your first thought may be to trade the old car in towards the new purchase. However, as an alternative, you could donate your car to a qualifying charity.

Living in Phoenix, Arizona definitely has its perks. There's a lot to see and do, and the weather is great almost year-round. However, most Valley of the Sun residents do find that they need a car in order to get around.

Recently, Kelley Blue Book (KBB.com) announced the winners of its 2017 Resale Value Awards. Toyota was the big winner this year, claiming the title of Best Resale Value Brand for the first time since 2014.

The difficulty of dealing with a low credit score, combined with negative equity in a car can create very real problems for people. Here is our advice.

There’s no specific time frame you need to follow, but the general rule of thumb is to wait until your car has equity before you go to trade it in.

When it comes to trading in your vehicle, there are some important steps to take. You may think your car is trade-in ready, but dealers are the ones who determine its value.

If there is equity in your current car, you can use this equity as a “cap cost reduction” on a lease. In this situation, you would basically be selling your vehicle to the dealership or leasing company. The money from the sale could then be used as credit toward your monthly lease payments.

A recent survey DealerRater conducted for Automotive News looked at the different ways car buyers deal with negative equity on their trade-ins. It found that the majority of consumers deal with this all-too-common situation in the worst possible way.