@Anonymous wrote:
So I was able to get financed on very little credit this past Febuary. I recently graduated from college, worked a serving job that didnt have any taxable income, and did not have a credit history. Ended up getting financed through Capital one with a pretty good rate 4.4%--through a first time buyer program. To this point i have paid each month on time and paid more than I needed each month. So fast forward to now, i am in medical school living off of loans and I got into a car accident and my car was totalled. My insurance is not going to cover my whole principle, I have a gap of around $2000. My question now is what are my chances that Capital one will allow me to roll that debt into a new finance? Is that a thing that would be considered? If not what are my chances of getting financed without an income, but with a FICO of ~ 700. Thanks for the help
try to negotiate with your insurance company.
if you think they gave you a lowball market value for your car, look up car appraisers and consider using them to appraise the market value of your car. It will cost you a few hundred dollars, but if you get a good appraiser, things may work out in your favor. Some of them are upfront and honest and they will tell you that they won't be able to help you much, if any at all, before you fork out a single cent. Look for a reputable apprasier on yelp or angie's list.
Generally they prepare a list of comps and do market studies to determine your car value. Sometimes you may even end up walking with money in your pocket if you are lucky. In most cases people end up getting more money from their insurance companies after netting out the appraiser's fees.
Was the accident your fault? If it isn't, consider hiring an attorney to go after the other party's insurance and possibly his/her personal assets.
CapitalOne doesn't care how you pay them off. They just want someone to pay them off, whether it is you or another bank that approves you for the new loan. As for whether you can roll that debt into your new finance, it depends on the bank that you are applying with. Most banks, including auto manufacturers' financing divisions, do allow this, but it depends on your credit history, income, DTI, etc.
the problem however, is that you are living off loans. If you do not have any income, that's going to be a problem. student loans or any other type of loans are not income. scholarships and grants however can be considered as income. If you have a significant amount of non-deferred debt obligations compared to your income, that's also going to be a problem. Other banks may also ask for proof of income, bank statements, tax returns, etc.
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