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Posted in Auto Loans
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MrsThomas215

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Rolling An Old Loan Into a New One...Possible?
According to CK, my TU and EQ are 617, and I went to Exp to learn its a 597. I have had some delinquent accounts fall off and disputed items, and this is the highest I've seen any of my scores. Long story short, my car's engine is cracked and I would like to get another car and roll the equity into a new loan before the problem gets worse (Santander's pay off is $9800). I also have a car loan in my name that my husband pays. Would a dealer be willing to work with me? The majority of my debt is student loans. Thanks in advance!

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The only thing that you can do is try, but it is doubtful. You have poor credit and unless you have a very high income it sounds like you may have debt to income issues as well. If the auto loan is in your name, even if your husband pays it, it will be counted against your debt to income. You also have to figure out what your current car is worth. Would a dealership give you what you owe or would you get much less than what you owe? You may possibly be setting yourself up to go underwater with the loan right off the bat and that would not be good. You also have to figure that you will probably only qualify for a high interest loan if you could get one. If you decide to try, go to a dealership that advertises to work with all credit situations. It may be best to get another motor for your car and keep driving it, or if you could sell it now for what you owe, you could do that and then save up a couple of grand and get a beater car until you improve your credit and get your current loans paid down.

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