I am in the process of paying all my old debt on my credit report only 3 things left that negative, but I have a low score of 520 due to all the negative accounts that I had. Now I have an auto loan (3k left to pay on it) with my credit union and need to get rid of the car (Repairs are starting to add up) and I need help/advice as how to get a car loan with my low score and get out of my current loan with my bank.
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Mon, Apr 12, 2010
April 12th, 2010 at 8:48 am
You’re not going to be able to "get out of" your current loan and with a FICO of 520, you’re going to need to bring a large down payment to the table as well as accept breathtakingly high interest rates to have a prayer of getting a new auto loan. Many dealerships partner with subprime finance companies who will readily finance you if you have enough cash for a big down payment, but the interest rates are typically 22-29%. $3000 isn’t a whole lot of money. If you can afford it, pay down your auto loan faster and get it paid off. Then you can use your car as a trade in and get some value out of it (unless it’s worth far more than you owe, which is generally not the case) and save for a downpayment while you’re doing this. Your credit score isn’t going to recover overnight, but by the time you pay off your current loan, it may rebound to the point where you won’t get completely hosed on interest. Just make sure you don’t get any more negatives on your credit reports between now and then.
April 12th, 2010 at 8:48 am
You cannot "get out of" your current car loan except by paying off the balance in full. You cannot get another car loan without paying off the current car loan in full, and without a vast increase in your credit score. Keep the car running while you pay it off and save up for a new one. Get a second job or something to increase your earnings and pay off all your bills. Or else take the bus to work.
April 12th, 2010 at 8:48 am
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April 12th, 2010 at 8:48 am
With your current situation i dont think you can do much. I suggest you try this site http://www.ezbadcreditcarloan.com/ has gotten me out of some bad times but still with your situation im not sure how helpful they will be.
Thanks
April 12th, 2010 at 8:48 am
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