Reply
New Member
Posts: 3
Registered: ‎03-30-2013
0

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.

 

 

Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
0

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
Posts: 3
Registered: ‎03-30-2013
0

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
Posts: 3,099
Registered: ‎10-02-2012
0

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
Posts: 3
Registered: ‎03-30-2013
0

Re: Auto Trade

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

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.