Car loan: seeking suggestions

Hey everyone

About 2-3 months ago, my car was repossessed, which left my fiance and I with his car. Now his bank is threatening to repossess his car. Well, we certainly can't get through life with no car!

Both of our credit is poor and so we really can't get a car loan. Does anyone know any reputable car dealerships or car loan companies that will loan to those with bad credit? I have to get a car before HIS disappears too....

Hi Lindsey

You can do an online research about a car loan company. Before finalizing the company, you should check its rating in the BBB and see if it has good standing in the market.

Also, consult your local car dealers if they can help you in such situations.

Lindsey,

I was in the same position. I had two cars repossessed and my car I had was constantly breaking down. I went through a company by the name of DriveTime. They specialize in bad credit car loans. The interest rates are outrageous but they do report to all three credit bureaus. They also work with you if you get in a bind.

Hi Lindsey,
I filed Bk a few years back,and have never had a problem getting a car.You should try some of your local dealers first and see what they say.They know that they can take the car back at anytime,so its not as hard to get a car financed with bad credit as it is to get a loan with no colateral.You will pay higher interest,but you should have no problem finding someone to finance a car loan.I brought brand new cars twice after BK,and then decided to buy a used car so my payments would be lower,but they were about the same,and consant repairs made it not worth it.Like I said,I would try local dealers first before going for the sometimes shadey online dealers and side of the road car lots.

Lindsey, my credit was real bad last year and I got a nice car from Carmax, now the interest rate was horrid but after 6 months of making payments on time BOA refinanced my car at a lower interest rate