because I would like a car with lower payments
2007-08-13 03:23:15 · 9 answers · asked by Terry B 1 in Cars & Transportation ➔ Buying & Selling
Well I was going to go to a buy here pay here lot that has a good reputation would they take the car being two payments behind?
2007-08-13 03:32:38 · update #1
Talk to your lender and explain your situation. See if they won't refinance the car for a lower payment. You may have better luck working with your lender than trying to get a new loan if you are already behind in your payments. You can of course go to these buy here, pay here, lots but just know that they charge an excessive amount of interest and that would probably hurt you more in the long run.
2007-08-13 03:29:40 · answer #1 · answered by Ollie's Mommy 3 · 3⤊ 0⤋
Do you owe more on the car than it's worth?
If you owe more than the car is worth then trading it in is not something you should ever consider doing because all that will happen is that the dealer will pay off the car at the value you'd get if you asked for the trade in in cash and then add the rest onto the load for your new (or new to you) car.
If your car is worth more than what you owe then trading it in can be worthwhile if the new car is cheaper than the old one (make sure you focus on the price of the car and then work out the monthly payment, a lot of people lose money because they focus only on the monthly payment and thereby manage to pay more than they were offered the product for).
If you are willing to take longer to pay off what you've got now you could try to get the period of your loan extended to get a lower payment.
The best solution though would be to find a way to pay the payments.
2007-08-13 03:41:30 · answer #2 · answered by bestonnet_00 7 · 0⤊ 0⤋
I'd be more concerned with the car being repo'd.
You right now have killed any hopes of a car with lower payment, because you're owing more on it, there's not a right dealer in their mind that would ever give you a car with lower payments, I'd never do that, and I've been in the industry.
What makes you think you'll pay this one off. It's not a wise decision. I'd keep an eye on your driveway for a tow truck looking for you.
So to answer your question... I wouldn't... can't afford this one (obviously), and you'll probably have problems affording the next one (just from what I'm understanding)
2007-08-13 05:09:24 · answer #3 · answered by David M 2 · 1⤊ 0⤋
While it is possible, you may find it difficult as those two lates will have lowered your credit score. Get the loan up to date first and by all means do NOT go to the "buy here, pay here" lot. First of all, if you had fallen even one payment late, they would have already "hooked" the car. Payments you make to them are not reported to the credit reporting agencies, and the cars are the worst of the worst.
2007-08-13 04:25:46 · answer #4 · answered by Tom S 5 · 1⤊ 0⤋
Lower payments aint happening not being two payments behind.
2007-08-13 09:08:55 · answer #5 · answered by Anonymous · 1⤊ 0⤋
It depends on whether your creditor has started repossession process. If you trade it in before the repo the new dealer can pay off your old loan as part of a trade-in deal, but you had better catch up old payments or trade right away.
2007-08-13 03:30:27 · answer #6 · answered by Anonymous · 1⤊ 0⤋
yeah, but 1) it won't look good if you are trying to get financing on the new car (missed and late payments affect your credit) 2) they will reduce the amount of your loan to include the missed payments - in other words you are paying for them whether or not you like it!
2007-08-13 03:28:32 · answer #7 · answered by island3girl 6 · 1⤊ 0⤋
Probably not, even with trading in, you still have to be approved for a second loan, with being two payments behind, you may not get approved.
2007-08-13 03:27:11 · answer #8 · answered by ~~*Paradise Dreams*~~ 6 · 1⤊ 0⤋
Are you two payments behind or are you like two payments behind?
2007-08-13 03:26:39 · answer #9 · answered by Anonymous · 1⤊ 2⤋