I would call some credit unions or even banks. Make sure you have your FICO scores and ask them what rate you can get with those scores. Dont let them make an enquiry although they will tell you that they need to see it.
I called couple of banks and was pretty direct with them. My credit union offers 10% car loans for your score range.
I had an EQ FICO of 555 last november and got approved for $14400 at 14%. But they told me to make 6 on time payments and they will lower it to 9%; which is still good considering my scores.
Yes, you can get approved, but don't let them talk you into something you're not comfortable with.
My engine just recently blew up (too expensive to fix it, I don't have enough money saved up) and am still paying on it 
but I was able to be approved with a score of 555 and $1,500 down...but the interest rate was 20% 
. While they would have paid off my current loan, I thought that the interest was too high, and it was a car I didn't like that much anyway. I didn't buy the car, I decided that I'll be taking public transit and save up more money. Hopefully I'll build up my credit score and have a large enough down payment that my interest will be a bit more reasonable. Just think, in one year my current loan will be paid off and I'll be the proud owner of a 2 ton paperweight! HAHA!
@preciousmissy wrote:Yes, you can get approved, but don't let them talk you into something you're not comfortable with.
My engine just recently blew up (too expensive to fix it, I don't have enough money saved up) and am still paying on it
Your choice is your choice. I am unaware of your situation but:
1-with a blown engine unrepaired your car is never going to be worth anything.
2-you are still going to be required to keep insurance on it, depending on the financing company.
3- You are for the next year going to be at the mercy of public transportation and paying for it.
4- You have to deal with your current immovable vehicle, which certain places have a problem with vehicles in the driveway/parking lot, street not being moved.
So you are going to be paying the next year for a car payment, car insurance and also for public transportation.
Now assuming the car they were looking to put you into was reliable and not a POS, and assuming that you have the income to make the payment plus a little more to offset the interest- you may actually be better off buying that car.
Your FICO may actually take enough of a boost with the one loan payed off and the other one initiated (although I really have no idea what "mistakes" are keeping you at 550 ) that in a year you can simply refi to a better interest rate- assuming you keep ahead of the interest.
@Anonymous wrote:
@preciousmissy wrote:Yes, you can get approved, but don't let them talk you into something you're not comfortable with.
My engine just recently blew up (too expensive to fix it, I don't have enough money saved up) and am still paying on it
Your choice is your choice. I am unaware of your situation but:
1-with a blown engine unrepaired your car is never going to be worth anything. Hopefully with a larger down payment I can go to a push/pull/drag promotion (which I know they just tack your current loan onto the price of the car, making the car that much more expensive) and have a choice of cars rather than the dealer pushing one car on me that he needs to get off the lot. If that doesn't happen then I'll donate the car to charity or sell it to a junk yard once it's paid off.
2-you are still going to be required to keep insurance on it, depending on the financing company. I've already called the finance company and discussed this with them/
3- You are for the next year going to be at the mercy of public transportation and paying for it. It's better than paying the regret of getting myself into a 6 year car loan that I couldn't afford. The monthly payments were more than what I am paying now.
4- You have to deal with your current immovable vehicle, which certain places have a problem with vehicles in the driveway/parking lot, street not being moved. I live in a condo and have already discussed this with them. The car still runs (barely) so it will not sit dormant for an entire year. I'll move it from spot to spot once a month. I've chosen to stop driving the car on the streets, when it does finally seize up it's not going to be safe for me or other people on the road since I won't have steering.
So you are going to be paying the next year for a car payment, car insurance and also for public transportation.
Now assuming the car they were looking to put you into was reliable and not a POS, and assuming that you have the income to make the payment plus a little more to offset the interest- you may actually be better off buying that car.
Your FICO may actually take enough of a boost with the one loan payed off and the other one initiated (although I really have no idea what "mistakes" are keeping you at 550 ) that in a year you can simply refi to a better interest rate- assuming you keep ahead of the interest.
Thanks for your advice, I have thought about all of those items (see my responses above)...I have planned for the worst possible scenario and will continue to save, keep up on my obligations, and hope for the best possible scenario.
My point to the OP was sometimes the decisions that work best for us aren't always the easiest ones to make...believe me, I don't want to be at the mercy of public transit, I don't want to have to buy a bus pass each month, and I don't want to be paying on something that is completely useless to me...I wanted the OP to know that they shouldn't feel forced into something that they will regret and cannot get out of...that's how I ended up in this mess. Lesson learned I suppose.
Kudos and good luck
