Some one else was at fault however their insurance is still "investigating" the accident. Having just taken out a morgage and the settlement offered by my company going entirely to pay off the car loan, do i have any way of getting a car at the same value, and same interest rate with this total lose settlement. The bank has already said they cannot approve me for a loan based on my current debt, but credit score is still above 700. I live in ohio.
2007-01-10 01:32:06 · 7 answers · asked by nigel 3 in Cars & Transportation ➔ Insurance & Registration
Use a rental car, if you can afford it right now. If the accident is deemed the other driver's fault, you can include reimbursement for the rental car in your claim.
2007-01-10 01:40:15 · answer #1 · answered by duritzgirl4 5 · 0⤊ 1⤋
Since your insurance company has already settled, what the other driver's insurance company is doing wont' affect you -- it's primarily between the insurance companies now. At best, they'll return any deductible that you were responsible for.
As to buying another car, you'll just have to shop around for a lender that will carry the note. Whether or not you'll get a similar rate will be up to the lender.
You might also want to point out to the bank that refused you that the loan on the car that was totaled has been paid off. It may still be showing up on your credit record for a couple of months after the payoff and they could be basing their decision on that incorrect information.
Going with a credit union is a good idea as mentioned by another poster. You can't "move" you mortgage loan there though and it's probably not worth refinancing just to place the mortgage with a credit union.
2007-01-10 02:07:32 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
If you made a big enough down payment on your house, you might be able to get a "home equity" loan, through a secondary mortage company. The advantage to this is, the interest is deductible, even if you use the loan proceeds to buy a car.
With a credit score above 700, you can always go to a finance company, though the interest rate will be an outrage. Still, it may be the way to get a car right now, then you can refinance that note after a few months of successful payment.
2007-01-10 01:41:33 · answer #3 · answered by jkc19452004 2 · 0⤊ 1⤋
I would advise you to go open an account in any Federal Credit Union and transfer your house mortgage to that credit union. Since your credit score is very good getting car loan from credit union is very easy. Credit Unions look at their customers as part of family not like an account number like the big banks do. This is my personal experience. Good Luck.
2007-01-10 01:49:50 · answer #4 · answered by Kiran 3 · 0⤊ 0⤋
My dad is interior an identical boat. We were given area swiped by way of a spinning truck. the vehicle nonetheless runs fantastic, in spite of the undeniable fact that the coverage company says its totalled. they're providing $one thousand below the market fee of the vehicle and favor to promote my father's own automobile lower back to him for $1800 without fixing it. He won't be able to replace the vehicle for the quantity they're providing and they already stated it would want to take more effective than the price of the vehicle to fix it. Now they pick to with carry the money for the fix because he needs to seek his own repairman. we are about to employ a criminal professional. Its a discomfort.
2016-12-28 14:56:45 · answer #5 · answered by ? 3 · 0⤊ 0⤋
You can buy a decent 'beater' for less than $2,500.00 that will take you to and from work until you save enough for a better car. You have too much on your plate to bother with another loan now.
2007-01-10 03:49:11 · answer #6 · answered by Anonymous · 0⤊ 0⤋
go to a buy here / pay here place. buy a crappy car[ less then 1000] and wait for the insurance...or rent...
2007-01-10 01:42:49 · answer #7 · answered by Anonymous · 0⤊ 1⤋