Overhaulin' - How do I get approved for a car loan on a current upside down loan?

How do I get approved for a car loan on a current upside down loan?

I have a 2006 Dodge Stratus that is already falling apart. Just to fix it will be around $2,000 - $3,000. It use to be used as a rental car and I didn't know at the time that it isn't a good idea to buy a rental car because usually people don't take care of them. Anyways, I owe just over $12,000 on it and I can get $4,500 trade in or $6,500 private party. That sucks. Instead of putting a ton of money into a car that's no good anyways, I'd rather trade it in, and I don't have the best credit. However, I have enough income coming in and I can put down $2,000. Do you think it's even possible to get approved for a loan for a good car of jeep with this much upside down? Should I go through a dealership, or try to get a private loan? Can you recommend a "bad credit auto loan" company to me that is legitimate and trustworthy? Any advise is welcomed. Thanks!

Public Comments

Renatl cars are okay. It's the Dodge Stratus part that went bad for you. You are stuck with what you have though. If you have $2000, put it to repairs.
Your best bet is to try and buy a new vehicle that offers a large rebate to help cover some of the negative equity. I don't know how bad your credit is and/or other factors that will be important to a lender, but if the manufacturers financing arm can pick up your loan, then that'll be about the only way to go with trading it in. There are other lenders (not many) that will give you a second car loan without trading in your current vehicle and you can do whatever you like with the Stratus. Just know if you let the Stratus go back to the bank that it'll ding your credit with a repo. Hope this helps, Justin
Wow, The scam artists are circling your question.
What do you mean falling apart? I bought a 2005 Chevy Cavalier last year, an ex-rental and the car is in mint condition. I find that ex-rental cars are generally in great shape. The engine and transmission should still be in great shape at that age and the rest is all little stuff. Anyway, to trade it in, you need to come up with the amount you are underwater, between $5500 and $7500. Plus a down payment on a newer car. You will NOT be able to roll this balance into a new car loan these days. Or you can put $2000 into it and keep it. And there are no "bad credit" loan companies who are trust worthy. Sub prime loans are why the credit crunch happened and went away in 2007. Anyone who offers to finance you now will be ripping you off big time.
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A secondary bank would require at least 1/3 to 1/2 of what you buy. In that condition you are lucky to get 2500-3000. you will need for a 10,000 car 17,000.00 down as there is a 2000.00 secondary bank fee, make 1500.00 a month for at least 1 year and have YTD stubs, same address for 1 year with 2-3 utility bills with your name and 10 refrences for a 10,000 car. You need to fix and if still want to sell, think again as not many are selling of reliable cars so getting 4000.00 for a Dodge Stratus which cost dealer 11-13,000 is not going to happen.