my current truck note is 545.00/mo. I've been in credit counseling for about 8 months. I need to get out from under this huge note. I don't have any money saved and cannot afford to pay cash for another truck. I would like to get another truck that is around 300/mo. so I could put the 250.00/mo. towards my credit counseling. i'm already paying CCCS 287.00/mo. also I'm upside down on my car loan. I owe 26,000 and its only worth about 24,000. will a dealship take it in trade and tack on the difference on a used truck? I was hoping to find out from someone who has done this before. I will not trust anything a car salesman says about this.
Can I get approved for another %26quot;cheaper%26quot; auto loan while enrolled in credit counseling?
i would get out of the credit counseling
Can I get approved for another %26quot;cheaper%26quot; auto loan while enrolled in credit counseling?
If you need lower car payment, you need to get a loan for longer term, and lower interest rate. There's no such thing as cheaper loan, but if you only want to pay lower payment then you need to refinance your current truck or buy a cheaper truck. Most lenders will only give lower rates to people who have excellent credit, and most would turn you down for being in credit counseling or having settled accounts. Try to ask your local credit union to see what the best rate they can give you. Dont talk to a car salesman about your financial problem because all he cares about is to make money.
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