Dear Terry, I have a loaded 2004 Kia Sorento that went from a lease to a loan with three years left on payments. I need something a little smaller and more economical with payments not more than $300 a month. Is this possible? -- Karen HaggasDear Karen, To get to $300 a month in payments, you're looking at a loan of $15,000 for 60 months. There are a number of fuel-efficient vehicles you can get in that price range, such as the Toyota Yaris. The big question here is whether you have any equity in the Kia Sorento and whether you'll have to pay that off first. Here are this week's reader questions:•Should I dump my depreciating SUV?•Can I limit my payments to $300 a month?•If I drive infrequently, can I keep my gas hog?If you have a question for Terry, e-mail him at Driving for Dollars. Save money on your car -- sign up for Bankrate's new weekend Car & Money newsletter. advertisementRelated Links:7 best off-to-college carsNational auto loan averagesWhat changes auto loan rates?Related Articles:All new cars for 20105 steps to 'clunker' dealTake the 'cash back?'
Dear Terry, I have a loaded 2004 Kia Sorento that went from a lease to a loan with three years left on payments. I need something a little smaller and more economical with payments not more than $300 a month. Is this possible? -- Karen Haggas
Dear Karen, To get to $300 a month in payments, you're looking at a loan of $15,000 for 60 months. There are a number of fuel-efficient vehicles you can get in that price range, such as the Toyota Yaris. The big question here is whether you have any equity in the Kia Sorento and whether you'll have to pay that off first.
If you have a question for Terry, e-mail him at Driving for Dollars. Save money on your car -- sign up for Bankrate's new weekend Car & Money newsletter.