topic Re: Auto Trade in Auto Loans

Auto Trade

Anonymous — Sun, 31 Mar 2013 04:51:50 GMT

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.

Re: Auto Trade

Anonymous — Mon, 01 Apr 2013 05:26:19 GMT

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.

Re: Auto Trade

Anonymous — Mon, 01 Apr 2013 07:03:20 GMT

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?

Re: Auto Trade

Anonymous — Mon, 01 Apr 2013 20:29:35 GMT

@Anonymous 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.

Re: Auto Trade

Anonymous — Mon, 01 Apr 2013 20:39:16 GMT

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