Payday Loan Fairy

I tried getting a loan with my bank but they denied my due to my credit being bad....does anyone know where i could go to get a loan for a car....i also want to buy my car from a auction i dont know if that makes a difference????

Please!.... If you buy from an auction the vehicles have NO warranty and there are sold in AS IS condition. If you have bad credit, call up your local dealership tell them what you want, how much you can afford per month and they have lots of financial avenues to assist individuals with bad credit.

Americredit is very large and help people get re-established credit wise.

2008-04-09 15:42:44 by chanelle f

How to get a bad credit auto loan in the USA and Canada. Car loans for bad credit from Auto Credit Express

I'm about to get a new car just dont know what yet. Want to get the loan today because Friday Im going to go look. Want the money with me so I can buy it on the spot.I know for a regular car loan they ask for a VIN number.If I get a preapproved loan and dont use all the money that is on the loan how would i use or return it?

Some banks pre-approve you for a certain amout and the dealer works with that bank directly; not too many banks give you a blank check with a certain cap off amount. Stick to your bank, dealers always want you to sign up with their banks, i think you end up paying for more. When you walk up to a dealer pre-approved for a certain amount, its like walking in with cash so you can negotiate since they dont have to pre approve you. Go to a Credit Union they have better interest rates than banks do. Good luck.

2007-08-15 13:27:05 by PrettyBoi

My husband and I signed a $20,000 loan on a truck. The payments were behind and the car was in a wreck. The truck was repossessed and the loan company says we still owe $8000. The loan company offered a settlement of $2800 if we pay by the end of the month. Does this sound right to anyone?
How would it really affect my credit if I pay off the loan now?

Sounds like a great deal, and is not that uncommon. Paying off the outstanding balance on a repo can only help your credit.

HOWEVER, GET IT IN WRITING! Before you send that $2,800 payment, make them put it in writing that $2,800 will settle the debt and they will report it as PAID IN FULL. If they don't put it in writing for you, then after you pay $2,800 they'll say your balance is $5,200! (5000-2800) Collection companies are snakes!

Good luck!

2007-09-11 19:13:15 by MissJessica

My wife would like to get a new car. She currently has a 2005 Ford Escape, owes about 6500 on her current car. She likes the new Ford Edge's, if we get a new one would the dealer pay off the remainder of the old car loan?

It would depend on what you agree to do with the Escape. If you're trading it in to the dealership on the Edge, then paying off the old loan would be part of the agreement you have with them if that's what you need done. The loan on the Escape needs to be paid if you do trade it in, either by you or by the dealership though. So, for example, using round numbers, if you purchase the new vehicle for $20000 and the dealership gives you $10,000 for the trade-in, you would have a $10,000 difference between the two. After paying off the loan on the old vehicle you would need to get a loan on the new vehicle for $16,500 plus taxes and fees, less any downpayment you would put toward the purchase.

Hope this helps.

Ken

2008-11-30 11:34:00 by rjz17678

I don't know my credit score, but I can give you some details. I have been working out of college for 7 months. I make $32000 a year. I have been paying rent and utilities for 27 straight months without any late payments. I also have student loans, of which I pay $55/month and my parents pay the remaining $120/month. I have one credit card with a $1000 limit and never missed a payment and owe $0. The only other thing I pay for (other than usual groceries, etc) is car insurance.

What are my chances of getting a $12-13k loan for a car? If it helps, I will be putting $5k down on it. I may also chose to go private sale for the car, but will still need the $12-13k loan and pay the difference in cash.

ALSO, important...I won't have a cosigner. I don't have anyone who can cosign for me.
Thanks everyone for the initial responses. I have already resorted to the fact that my interest rate is going to be a little high. If I could get a rate around 10-12% then I should be good with the monthly payment. I calculated using 10% and was under my threshold payment-wise. I figure if I put 30% down on the cost of the car (minus taxes, title) then I shouldn't be upside-down on the loan.

You probably be able to buy the car if you put the $5K down. You wont be able to buy a car w/o any down payment. Since this probably is your first time buying a car. Paying rent and utilities dont really mean much to your credit score unless you are late on them. You still will be stuck with a high APR unless you go through a bank. Other than that make sure you are buying a car thats under $20K.

2007-08-01 11:54:59 by John S

I bought a 2007 Toyota Camry last August. It is still appraised at $21,900 in the blue book. However, I have not so great credit so I still owe $28k on my loan from Citi. I have been thinking about trading in my car and getting a used car that is about $13k or so. Is that stupid? Any help would be appreciated. Thanks!

Car loans are simple interest, meaning that for the first half of the loan, you will pay more interest than principal. Your first year of payments will barely scratch your balance owed. After you reach the middle of the loan, then you start to pay down more of the principal balance than interest.

If you trade your car, you will carry all that negative equity into your next car loan, and the next car you buy will also depreciate. This is why leasing is usually a far better option than purchasing if you only keep cars for a max of 3 years. Good luck and you can email with questions.

Here is a small graph of a simple interest loan
http://www.theautoevaluator.net/Resources.html

2007-08-24 07:43:17 by Kelly M