Reply
New Member
Faja22
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
Dustink
Posts: 3,006
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
Faja22
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
Dustink
Posts: 3,006
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
Faja22
Posts: 3
Registered: ‎03-30-2013
0

Re: Auto Trade

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


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}