Need help on Auto Loan

Anonymous · ‎08-29-2009

Hello everyone, I'm in a process of applying a new car loan. myfico score is 571, looking to trade in my car but i'm upside down on the loan ($4000). i'm looking to get a new loan for a total $25000 including the $4000 remaining loan. does anyone know which bank that would approve this loan? thanks

Anonymous · ‎08-30-2009

I will break it to you as gently as I can. I don't think you can even get a subprime lender to approve a loan in this situation. With a 571 score alone, you are probably looking at a minimum of 25% down (along with high income, low DTI, and no recent baddies) without rolling any negative equity into it. I wish there was something more positive I could say, but it is what it is.

Anonymous · ‎08-30-2009

@Anonymous wrote:
Hello everyone, I'm in a process of applying a new car loan. myfico score is 571, looking to trade in my car but i'm upside down on the loan ($4000). i'm looking to get a new loan for a total $25000 including the $4000 remaining loan. does anyone know which bank that would approve this loan? thanks

Hi, welcome to the forum.

In all truth, your credit score is too low to secure 25K in financing.

Does your current car still function?

why are you trying to get out of it?