http://www.autocreditexpress.com/blog/2007/08/09/how-to-overcome-negative-equity/ How to get an Auto Loan with Bad Credit - Auto Credit Express Sat, 07 Nov 2009 22:15:23 +0000 http://wordpress.org/?v=2.6 http://www.autocreditexpress.com/blog/2007/08/09/how-to-overcome-negative-equity/#comment-2354 Steve Cypher Mon, 08 Jun 2009 15:28:59 +0000 http://www.autocreditexpress.com/blog/2007/08/09/how-to-overcome-negative-equity/#comment-2354 Lashoma, Everyone's credit situation is different, but if you go to www.autocreditexpress.com you can see if your income and debt-to-income will qualify you for a loan. If it does, then fill out the application as completely as possible and submit it. If you do not hear back from a dealer within 24 hours, contact us at the toll free number listed on the web site. Lashoma,
Everyone’s credit situation is different, but if you go to http://www.autocreditexpress.com you can see if your income and debt-to-income will qualify you for a loan. If it does, then fill out the application as completely as possible and submit it. If you do not hear back from a dealer within 24 hours, contact us at the toll free number listed on the web site.

]]> http://www.autocreditexpress.com/blog/2007/08/09/how-to-overcome-negative-equity/#comment-2332 Lashoma Sat, 06 Jun 2009 18:12:09 +0000 http://www.autocreditexpress.com/blog/2007/08/09/how-to-overcome-negative-equity/#comment-2332 My husband and I are in the market for a "new to us" vehicle. Our credit is poor, but on the brink of being better. I have paid all credit cards ( which were in collection) off. We are looking a 10,000 dollar vehicle, low mileage, with a 4000 dollar down payment. Should we be able to find financing for the rest? I am searching sooner rather than later because my car ( which is paid for) is on it's last leg! My husband and I are in the market for a “new to us” vehicle. Our credit is poor, but on the brink of being better. I have paid all credit cards ( which were in collection) off. We are looking a 10,000 dollar vehicle, low mileage, with a 4000 dollar down payment.
Should we be able to find financing for the rest? I am searching sooner rather than later because my car ( which is paid for) is on it’s last leg!

]]> http://www.autocreditexpress.com/blog/2007/08/09/how-to-overcome-negative-equity/#comment-805 Steve Cypher Tue, 20 Jan 2009 18:55:33 +0000 http://www.autocreditexpress.com/blog/2007/08/09/how-to-overcome-negative-equity/#comment-805 Mitzy, Your situation is especially difficult since you not only have negative equity, but the vehicle isn't even operational. This is why we have always advised our customers to buy a service contract that covers the entire loan period. If you return the vehicle to the bank, you will have a repossession on your credit report and it will be virtually impossible for you to get another loan (even a subprime loan) for at least a year. If you try and apply for another loan, the bank is going to insist that you either trade in your current vehicle or pay it off - neither of which looks possible at this time. At this point, if your family is willing to help you out, they could buy a car and let you use it (you could make the payments) and you could turn your current vehicle back in for a voluntary repo. If this happens, be sure to get an extended warranty and be diligent in maintaining it (change the oil at regular intervals). Mitzy,
Your situation is especially difficult since you not only have negative equity, but the vehicle isn’t even operational. This is why we have always advised our customers to buy a service contract that covers the entire loan period. If you return the vehicle to the bank, you will have a repossession on your credit report and it will be virtually impossible for you to get another loan (even a subprime loan) for at least a year. If you try and apply for another loan, the bank is going to insist that you either trade in your current vehicle or pay it off - neither of which looks possible at this time.
At this point, if your family is willing to help you out, they could buy a car and let you use it (you could make the payments) and you could turn your current vehicle back in for a voluntary repo. If this happens, be sure to get an extended warranty and be diligent in maintaining it (change the oil at regular intervals).

]]> http://www.autocreditexpress.com/blog/2007/08/09/how-to-overcome-negative-equity/#comment-781 mitzy Sat, 17 Jan 2009 19:32:14 +0000 http://www.autocreditexpress.com/blog/2007/08/09/how-to-overcome-negative-equity/#comment-781 I have a 2003 Chevy Venture with 83,000 miles and still owe $14,000 on it. The engine just broke down and I can't afford to fix it. I was told it will cost me $5700 for a brand new engine, this would include parts and labors and $4800 for a used engine. I am still making monthly payment on the vehicle which makes it really hard to fix. The van is just seating there and I am in desparate need of a vehicle. I would like to get a new car and trade the van in. I won't get much as the car doesn't run. I just need a running car. Or should I just return the van to the bank?? My credit is poor, but I have a good stable job with the state, working for them for 10 yrs. I make $3600 gross per month and currently residing w. my parents. Please advise. I have a 2003 Chevy Venture with 83,000 miles and still owe $14,000 on it. The engine just broke down and I can’t afford to fix it. I was told it will cost me $5700 for a brand new engine, this would include parts and labors and $4800 for a used engine. I am still making monthly payment on the vehicle which makes it really hard to fix. The van is just seating there and I am in desparate need of a vehicle. I would like to get a new car and trade the van in. I won’t get much as the car doesn’t run. I just need a running car. Or should I just return the van to the bank?? My credit is poor, but I have a good stable job with the state, working for them for 10 yrs. I make $3600 gross per month and currently residing w. my parents. Please advise.

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