Car Loan with FICO Score of 555 - what are my options?

[Anonymous]

Jack, thanks for your thoughts too.  I have yet to get an estimate and because of your feedback, I stopped by my mechanic this afternoon and have set up an appointment for him to look at it and give me an estimate (which he will not charge me for or do any work until I authorize it).

Thanks again, and who knows, perhaps I can get another 8-9 months out of this car and get it paid off (I only have 9 payments left).

[Anonymous]

Most larger banks and many credit unions will not want to a customer with your fico. There are subprime ones such as roadloans that  might extend credit as long as you do not have a repo, bk, or forclosures. If a subprime lender declines you. You could always go to a dealership that funds it's own loans, ie. "we wright our own loans and do bad credit". I don't mean to be overly negative...... rather I'm trying to let you know the options available to you. I have been in your position. I have a charged off auto loan on my credit. I have a car that has a loan on it in someone else's name. I make the payments but was looking for a loan to payoff that person's loan. Roadloans and a few other subprime lenders turned me down (at the time my fico was 608). So I went to a used car dealership that funds their own loans and talked them into financing it for me.

[Anonymous]

Thanks for another perspective.  Good news to report.  I stopped by my mechanic to talk about an estimate and he's going to look over the things I'm concerned about with my current vehicle for free, give me the estimate and let me make the call as I see fit.  I drop the car off for the day on Friday and I'll see where I stand after I get the info back from him.