topic auto loan in Auto Loans

auto loan

Anonymous — Sat, 18 Feb 2012 19:58:18 GMT

I borrowed money 13500 against the title of my truck to have it repaired and found out it is going to take more money. I borrowed all the money I can against the title. It is not worth anything to sell. the engine is bad. Could I get financed to get another truck. I have some money left for down payment. I need a truck because my job is transporting trailers. My fico score is 620. I thought it was better . I paid the truck off 6 months ago and I have another bank loan for 13000. I fell behind my payments a year ago, but a caught up and then paid it off. Capital one said I had late payments six months ago. I am trying to prove thier wrong, but as in now no work untill i get a truck. This is the busiest time of the year. I gross 75000+ most of in the spring. Thank you

Re: auto loan

llecs — Sat, 18 Feb 2012 20:52:04 GMT

Now I blew an engine before on a Toyota 4Runner and the cost of a new engine was less than half of your expense so far. I'm guessing by the price tag that you are talking about a Kenilworth or Freightliner, or something like that? If so, I have no clue of the price tag.

How much more would you need to fix it?

Who was the loan with? A bank or a high-interest lender?

You'll save money if you pay for the repairs vs. taking out another loan for another vehicle. I'm guessing your down payment would be in the thousands. I don't know how much more you need to cover the cost of the engine, but you'll be out the title loan + new loan for another truck.You still have to pay the title loan back.

Re: auto loan

Anonymous — Sun, 19 Feb 2012 22:24:35 GMT

It was 10500 for the loan and it is a dodge diesel truck. The cummins engines are very costly and labor is costly too. It will take 5 or more weeks to get it back on the road. I am going to loose alot of wages. I was going to buy an older and cheaper truck to get me buy until I can get my on the road. But I might buy a newer one and try to fix mine some other time. I do not trust older models. I got my loan at a bank. Thank you

Re: auto loan

llecs — Mon, 20 Feb 2012 01:15:25 GMT

Or if you don't want to be stuck with 2 car payments, rent while yours is being repaired. It might be cheaper to do it that way and you can deduct 100% of the rental off on your taxes if used for business purposes. I'd imagine the down payment would be more than the cost to fix it (minus what you paid in already).