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Posted in Auto Loans
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Question By
Lindsey0508

5 Contributions
55 People Helped
What to do if I cannot afford my car?
I have poor credit, 604 to be exact... I'm sitting at 17% interest with Capital One, and $600 a month car payments. This was fine, and doable until I got pregnant, and now once the baby comes I cannot afford this type of payment...
Capital One does not refinance, and my bank will not accept me for it.
The car I had prior to this I had 11% interest, it's amazing how high it jumped... I'm really not sure what to do... a voluntary repossession will kill my credit just as a regular one would - but I cannot afford this car. I've called Cap. One, and they are of no help - they have no advice, and don't want to help...
I suppose I'm looking for who I have a better chance with. Going out and just applying to a million lenders will also harm my credit, when I'm trying so hard to get it back up...

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Top Contributor
1884 Contributions
3680 People Helped
Most Helpful Response

You don't mention

Helpful to 2 out of 2 people

How much you owe or what the value of the car is now.  

I would suggest selling it and buying a good used car.  You might try selling it yourself  as you would get less for a trade in. 

With your score you will be paying higher rates, So I would suggest saving up cash to pay for the replacement.

Good luck

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