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chanelle f asked: "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????"

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farce_of_yoda replied: "I don't know if they are available in your area, but try JD Byrider or DriveTime."

amusdbyyou replied: "You probably won't find a bank to loan you money for an auction car because there usually isn't any equity in the car. However, you can try Capital One. Or, try for a personal loan...banks compete for your business."

Doc. justasinner111 replied: "Pay cash,good $700 cars around. With fuel going over $5. a gal this summer,do you really want,payment,insurance then fuel."

dave007 replied: "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."

Linda d replied: "If you have a good job , you can ask for a loan at your credit union or Prosper. People may help you. More information at and"

PrettyBoi asked: "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?"

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master_mind_delinquent replied: "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."

Nicholas N replied: "for the capitalone pre-approved loan it works like this1) you apply for the loan for a certain amount (which is for more money that you actually need), for example $25,0002) once you get approved you will get a check in the mail that you can use at the dealer3) you negotiate for the price of the car, and you write that amount on the check, say $21,000.whatever you right on the check becomes your loan amount, and you pay it off based on the interest rate and loan length that you were pre-approved for.Once you have negotiated the price, you might want to ask the dealer what kind of financing deals they have. When I bought my car I had a capitalone preapproved loan, but I ended up not using it, because the dealer was able to beat the interest rate by 1%, with the same terms"

kayakdudeus replied: "The bank won't hand you money because they don't have the security of their name on the title yet. The bank will authorize you up to a certain amount. The dealer will deal with them for the financing. The bank will want to know what you are thinking about - like used car, new car, brand, etc.Warning. Don't tell the dealer you have financing. They count on the kickback from the bank they like to use. They are willing to take less for a car if they think they are getting someting back you don't know about. Sometimes it not a monetary kickback but they get a lower rate on the loans they use to buy the cars for the showroom and the lot if they give a certain amount of business to the bank."

MissJessica asked: "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?"

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Digger replied: "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!"

Mike replied: "You will probably owe tax on the forgiven debt... So just as an FYI, plan on owing the IRS $1500 at the end of the year.You are already behind on the payment, so paying in settlement probably will not hurt your credit anymore.You have a repo... your credit will be bad for a few years.If I were in your shoes, I would jump at the chance to pay the $2800.00 and put this behind me and move on with my life.Make sure you get any agreement in writing."

Mildred S replied: "tough question . it will look better to have a loan paid off than not paid off / still in collection. the issue is they could be fishing to see if you have access to that large of a sum so they know whether to pursue litigation and spend money on atty and filing fees/ process serving etc. Collectors are like detectives in figuring out what your assets are so they know how much they can get legally if it goes to court. I think that the rate they are offering sounds kind of low ... which makes me suspicious. I used to have a job years ago in a bank as a credit investigator but would have lunch with the coworkers that worked in collections / skip tracing. Was an interesting job / but it didn't pay well . Banks are pretty cheap on the salary. All things considered, I think that I would try it out and offer to pay the money by end of month on the chance that it will work out. i would negotiate a release that the loan will be paid in full and reported that it was paid off in full on your credit report. they should sign something to remove any record of reposession from your credit report in exchange for the money. that would help your report greatly. the money should be delivered by someone other than you and your husband and they should understand that you expect a paid in full / satisfaction of debt release paper prepared. it would be great if they also include language / agree to remove any record of reposession. the reason you would not go in person is because you could be legally served there. Good luck negotiating . If you can pursuede them to do this / you'll save lots of money on future financing. A repo is a pretty big ding on your report and will cost you higher interest rates in the future."

Creatine Monohydrate 3-5gr daily replied: "Greetings from an ex bill collector, The settlement offer, There is something the loan company isn't telling you. If you settle the debt for $2,800.00 the remainder will be reported as INCOME to the IRS and you get to pay taxes on it as income! Having said that, even with having to pay taxes on the remainder and I have no idea what tax bracket you and your husband are in... it is still cheaper to accept the settlement than to pay off the entire debt. You only have to pay the tax next April 15th... Additionally, DO NOT rely on whatever you are told by the contact at the loan company. GET IT IN WRITING!!! get everything FROM them concerning the debt and the settlement in WRITING and IF there is any small print, READ IT!!! if you don't understand any part of what they have WRITTEN, find someone who does understand it BEFORE you agree to or sign any document!!! It must CLEARLY state the ENTIRE agreement and leave no room for later additions. Basically you would be renegotiating the debt via a settlement contract and if it isn't WRITTEN in the contract "no matter what anyone from the loan company tells you" it is BS. GET IT IN WRITING!!!"

John S asked: "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."

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fordman replied: "I don't think that you will have any problems with the down payment. The dealers are offering a lot of zero down or zero % interest loans now. They may be also offering discounts instead of the low rate loans. Figure out which one would best benefit you. The get the loan from your bank, and take the discount if it is cheaper in the total cost and you can afford it. good luck."

Tom K replied: "You should have no problem getting this loan and should be offered a good interest rate. If not, then keep shopping elsewhere because it sounds like you're doing everything right."

jon_mac_usa replied: "Gatting a car loan is not the problem. You might get 20% or higher.If your credit score is poor, as you might get a 4% to 7% loan if you have a good credit score."

pleasework7 replied: "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."

Tom S replied: "I think you're in pretty good shape. Though most banks' first time buyer programs require at least one year on the job, putting 50% down should bend a rule or two. That's what you want to get into, first time buyer programs have good rates. Go talk to your bank, or credit union before you go shopping."

CarMan replied: "Why not get your credit history (free at) and credit score (not free at) so that you can see what lenders will see when you apply for a loan."

Kelly M asked: "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!"

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FILE replied: "IT LOOKS LIKE YOU TOOK OUT A HIGH INTEREST LOAN AND YOU ARE MAKING THE MINIMUM PAYMENT ON THE LOAN. THIS IS NOT GOOD. TRY TO GET A BETTER INTEREST RATE FROM ANOTHER BANK OR CREDIT UNION. PUT THE CAR UP AS COLLATORAL. TRY TO GET THE LOWEST INTEREST RATE OUT THERE. MAKE BIGGER PAYMENTS TO THE LOAN."

bluedevil1642 replied: "It's not stupid if you can't afford the payments! If this is the case, don't trade it in... Sell it privately for its full value. Use that money to purchase the used car, and put the rest towards your loan. You'll still have $19K to pay, but it's less than $28K.Otherwise, just keep driving the Camry. They hold their value well, so drive it until your loan is around the same monetary value as the car value. Then sell it and pay off the loan... And start fresh!"

The Auto Evaluator replied: "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"

If you own a car and you've been thinking about refinancing it, you are not alone. Millions of Americans (just like you) refinance their vehicles to get better interest rates or to simply to save more money on a monthly basis. The good news is that I can help. In this article, I will discuss how to get a vehicle refinance loan. Sound interesting? Y

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The auto industry and business groups mounted a lobbying onslaught Thursday to thwart GOP opposition to a Senate vote next week on Democrats' plan for a $25 billion emergency loan plan for U.S. carmakers.

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