Approved for a car I didn't even want!!! Please advise!

[glamchick]

When I try trading the car in they only offer me 3-5000 and I still owe 9,000 on it.   So you are correct I should just sell it to an individual, but I don't think i would get what I owe on in that way either.

I am really in a jam.

[glamchick]

Also I wanted to thank everyone for their response.  I really appreciate all the help!

But to answer some of the questions.  Yes I was at a ford dealership where they had the used acura I really like and was my price range.   I went to an Acura dealer yesterday and they said my payment would be so high cause of my bad credit score.

I don't know if I should apply at a credit union because my score is under 600 right now.  

[Dj4Money]

 Most of the time even with good credit it's hard to get loans out of American Honda. Depending on what year the Acura is, you might want to try a Credit Union. I would still like to know what Ford model you hated and what model this Acura is.

  You basically have two choices -

 You can take a new small car loan (I am going to assume it was a Fiesta) with Ford Credit (Are you a first time buyer?), seems they approved you with a 600 score, is that your Experian  score?

 Credit Union or CarMax. In fact it's likely you can find the same Acura in Car Max's system.

 Honestly you likely should wait 9 months to a year and fix whatever it wrong with your credit to cause a low score.

[enharu]

---

@glamchick wrote:

Also I wanted to thank everyone for their response.  I really appreciate all the help!

But to answer some of the questions.  Yes I was at a ford dealership where they had the used acura I really like and was my price range.   I went to an Acura dealer yesterday and they said my payment would be so high cause of my bad credit score.

I don't know if I should apply at a credit union because my score is under 600 right now.  

---

Dj4Money gave you really good advice.

The reason why the dealership couldn't get you the loan for the Acura was because it was Ford that was financing the loan, and they will only finance ford vehicles (new and CPO).

with a 600 score, it is going to be relatively hard to get a decent loan from any bank / manufacturer. Your rates are going to be high and I strongly advise against that because it's just too easy to become upside down on your car loan if the rates are too high. And the amount you owe in total after including interests is just not worthwhile for that vehicle. In most cases you can get something much better for hat amount of money you are spending.

My advice is for you to buy something that you can afford using cash, or something that is equivalent to the value of your current trade in. Drive that car around for a couple years, fix your credit report, and then get another car afterwards at a decent rate.