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Car Loan Help

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Money Talk > Credit & Loans

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asapcc
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quote:
Originally posted by Offshore-Wealth.com
Personally, if a credit union doesn't approve you, there are other options, and many will be far below your 18% plus deal.


Normally I wouldn't recommend a credit card for something like this. Obviously, securing a reasonable bank loan should be your first objective. But it that doesn't work, you may have better luck getting (or using) a credit card -- which is likely to be well below 18%. If it's not below 18%, obviously it's not even worth considering.

Do you have any credit cards now? What is your current credit limit and interest rate? Maybe you could call your existing credit card issuer and ask for a rate reduction and / or credit limit increase? With all the improvements you've made over the past 2 years, it's likely they'll oblige your requests...

Also consider that many new offers will provide 0% for a year or more. You'll need to pay a balance transfer fee, but it will definitely result in big savings. The main question is, what type of offer will you get approved for with some questionable history in the past??? Will you get a low enough interest rate and a big enough credit limit? It's hard to say, but it still might be worth considering a credit card to help improve your credit even more moving forward...

Just my 2 cents Wink
Post Fri Feb 24, 2012 4:41 pm
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Greenface
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What a horrible rate!

I would not accept it for any loan.

quote:
Originally posted by oldguy
Try a credit union, you might get a slightly better deal. A 730 score is getting closer to acceptable, they might talk to you.


This is the most appropriate way, with your current 710 on average score they would be able to help.

Another way is call your credit card company and ask them to low your interest, this might be silly but you can ask them and state about you are already solve your debt, making payments on time, etc.
Post Sun Mar 04, 2012 7:57 am
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Kolerik
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hello  Reply with quote  

How exactly does a car loan work?
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!
Post Tue Mar 27, 2012 5:18 am
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Kolerik
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hello  Reply with quote  

How exactly does a car loan work?
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!
Post Tue Mar 27, 2012 5:19 am
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eastmn
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Re: hello  Reply with quote  

quote:
Originally posted by Kolerik
How exactly does a car loan work?
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!


You usually aren't charged for full loan intere$t when you pay off the loan early. Call the bank to get the true early payoff amount; which is usually good for 30 days. Then go to edumunds.com to find the "trade-in" value and average "retail value" of the car. Then do the math. Sounds like you might be upside-down in the loan, which means like you may owe more than the car is worth.

Interest rate is higher for used cars. Buying a 13K car and still underwater 8K on the Camry, would mean that you should keep the Camry. I'd throw extra chunks of cash at the loan every month to try and knock it out; and drive the car till 200K miles. Many folk buy 2 or 3 year old cars and drive them to 200K miles (frugal).

...


Last edited by eastmn on Tue Mar 27, 2012 3:04 pm; edited 5 times in total
Post Tue Mar 27, 2012 12:52 pm
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oldguy
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You are mistaken abut the car's value, 2007 Camrys sell for about $14,000 to $16,000. As for buying a 'used car' - you already have about what you would get (a $13k used car).

The damage was done when you purchased the car - you apparently over-paid and accepted a 'not-so-good' loan.

The good news is the car itself. Camrys typically provide over 200,000 miles of trouble-free service, many 300,000 mile Camrys are still in service. They are known as 'bullet proof' in the car business. So - it's only 5 years old - maintain it well, keep it for about 10 more years.
Post Tue Mar 27, 2012 1:33 pm
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lohanroy357
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Whether you want to buy a new or an old car, you can always choose an option of financing through different banks. Interest rates are the most important aspect of any loan as because on the basis of it equated monthly installment (EMI) will be calculated. Every bank has their own rules and norms to follow with different proceedings.
Post Tue May 01, 2012 6:18 pm
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instantautotitleloans
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Car Title Loans  Reply with quote  

You can take advise form instant Auto Title Loans by visiting their website as they offers Auto Title Loans. They may help you out.
Post Fri May 04, 2012 4:47 am
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jennaberry
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The interest rate is so high, didn't you have a better choices of a loan company back then? the best thing you could do now is to go to a credit union for help they will give you an advise on what possible solution you could do for your problem.
Post Fri May 11, 2012 2:41 am
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