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Posted in Auto Loans
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Question By
Ceajia

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I have a car loan& I only have 13 mnths left. My credit is poor but I wnt a newcar what shud I do?
The car loan was 39 months and I am 26 months into the loan. I have until February of 2016 to be done. However, I pay more than the loan tells me to pay a month. I want out of this loan and car period. I want a new car but I will like to be able to go to a dealership and tell them what I want and how much in total so I'll know my payback amount, and loan months as well as APR. I don't want to pay no more than $310 max. a month and no more than 48-60 months car loan with between 8-15% APR. Is this possible?

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If your serious then it's going to take.

Some work. 

Pull all 3 of your credit reports. Go thru them, you say your credit is poor but you pay more than the minimum on your car note, so you need to clean up the rest of your credit. 

Read the articles and blogs here on CK and you can figure out what you need to do to deal with the negative items on your CR. 

Once you've dealt with that, then you can work on getting your score to where it will need to be to get a lower interest loan. You'll need at least a 700 to get what your looking for. 730 would be even better. 

Rather than trying to get a loan through a dealer, pre-qualify for a loan before going to the dealer  go through your bank or credit union, you'll know all the terms in advance and you'll know how much you have to spend on the car.  You'll have better negotiating power with the dealer  too, it's like walking in with cash.  

You didn't mention what your score is, but I was able to raise my 100 points in about 7 or 8 months. As I said it takes work. You have to stay on top of it to make Credit work for you. 

Good luck. 

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