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Auto Trade

New Member

Auto Trade

Last July I was financed for a car loan.  This was a $10K vehicle with $9000 financed on a subprime loan @ 16%.  At that time my credit was in the low 500's and I had recently relocated for a better job.

 

Eight months later I've been having problems with the car and it is very expensive to fix.  I want to get rid of this car and get something more reliable.  It doesnt have to be new.  Paying cash at this time is not an option.  My credit score has not improved a great deal over the past 8 months but it has increased to a 575.  I 've paid my loan on time along with my secured credit card.

 

What are my options?  Will another loan company finance me on a trade-in?  Should I go to my current loan company and see if they would finance another vehicle on a trade-in.  Is there a finance company that's more favorable in this sort of situation, perhaps Roadloans?  Our am i stuck? I'm not sure how this works.

 

 

Thanks for your input.

 

 

4 REPLIES
Valued Contributor

Re: Auto Trade

Does the car run and drive? Is it something that can be traded in without negative equity?

 

Save up a good down payment and see what is out there for approvals.

 

Credit unions first, then the car dealers.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
New Member

Re: Auto Trade

Yes it does drive.  I've fixed any problems that have occured but I'm getting a bit nervous because of the age of the car that something majority maybe on the horizon and I dont want to be stuck with a huge repair bill. 

 

Can I apply at a credit union without having an account there?

 

 

Valued Contributor

Re: Auto Trade


Faja22 wrote:

Yes it does drive.  I've fixed any problems that have occured but I'm getting a bit nervous because of the age of the car that something majority maybe on the horizon and I dont want to be stuck with a huge repair bill. 

 

Can I apply at a credit union without having an account there?

 

 


Just talk with them. Most likely if approved you will have to open an account with them. They might be able to process the application without a membership.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
New Member

Re: Auto Trade

Thank you for your input.  I will give it a try.