What should I do if I'm upside down on my car loan, have a bad credit to get into another vehicle
4 Answers
I can only say this,if you have bad credit,and this is your only car,and you are struggling to make end,s meet,the only thing you may do,if and if this is your only car,is to file bankruptcy,they will not take the car if it is your only car,you may have to make no payment,or the court will set up a minimum payment that you can handle or make,but you have to move quick to do this,if the repo the car,you want get it back,but if you do it before,good possibilty,you can keep your car,i know this is not what you wanted to here,but i think it may be your only option,im not a lawyer and in know way giving you legal advice,but i have helped my friend,s in the same boat you are in with the same advice.
You can always find someone who will finance... there are a lot of credit acceptance companies out there but the issue is that you will be crushed if you go that route... so as Tom said above, you're better off to keep paying and get into an equity stance... I was at a dealership that 'financed everyone' and they did, but the company they used would charge 22% on the loan as well as a $2500 'closing fee'... so the cost was way out of control... I'd only recommend that if your car was not running and the repair cost was ridiculous...