Best Answer

Car buyers often get suckered into high interest or extended-term loans which far exceed the value of the vehicle. This is especially true for buyers with bad credit.

While debt relief and credit counseling agencies will tell you they can help, many of these companies are scams and will do more damage to your credit than good.

The truth is you can't just walk away from a loan. As soon as you stop making loan payments your lender will send the loan to a collection agency. Collection agencies will harass you and family members for payment. They can also legally garnish your wages to cover your unpaid debts. The fact that your account is in collections will also be reported to the credit agencies, and this will have a serious negative impact on your credit rating and credit worthiness.

If you cannot afford your loan payments, first call the lender. Many financial institutions have hardship programs available for people who cannot afford the monthly payments. How these programs work vary by lender.

Additionally, review all offers that loan agencies offer you before getting it. Sometimes, they do offer their clients promotions but in reality, and in the long run - this could cause you a headache and have a bad loan.

User Avatar

Wiki User

โˆ™ 2014-09-12 16:02:22
This answer is:
User Avatar

Add your answer:

Earn +5 pts
Q: Can you get out of a bad car loan?
Write your answer...

Related Questions

If you have a bad payday loan can you still receive a car title loan?

yes if you are lucky enough. I guess nationwide car loan executives are very smart enough to give you car title loan even if you are having bad payday loan.

Can you still get a car loan even if you have bad credit?

A car loan is considered a personal loan. While bad credit makes it harder to get any loan, individual car dealers decide whether they will allow a car loan with bad credit. A personal loan is an unsecured loan.

Can you get car loan with bad pay history from previous loan?

One man had bad credit and had to pay 27% interest on his loan. Yes, he got a car loan. He did not get a 7% loan. You can probably get a car loan. There is no telling what percent you will have to pay and how much down payment you will need to put up.

How to Refinance a car loan with bad credit?

First you should seek out your local bad credit car loan providers, and ask them to provide you the re-financing car loan. In this situation the normal lenders will most likely turn your down.

Where would a person with bad credit go to get a car loan?

There are many places one might go get a car loan if one had bad credit. One of the best options for anyone seeking a car loan would be one's financial institution.

What are some options for buying a car with bad credit?

There are many options for buying a car with bad credit. Some options for buying a car with bad credit include taking out a loan from a company and taking out a loan from a friend or family member.

How can one obtain a cash loan if they have bad credit?

You can obtain what they call a "Payday Loan" if you have bad credit. Just take along the title to your car and it will be used as collateral for your cash loan. Of course if you don't pay back the cash loan they get to keep your car.

If you have bad credit will you get approved for a car loan with a cosigner?


Which banks will offer a loan to those with bad credit but who need a car?

If one has bad credit and cannot get approved for a car loan through a bank, there are a number of companies that can help. Some options include Cars Direct, Car Loans Canada and 310-LOAN.

What are some reputable bad credit car loan companies?

There are many bad credit car loan companies that may be able to help. These include Car Finance 247, the Bristol Car Finance company and Capital One Loans.

If you get a loan in your name can the car be titled in another name?

No. I recently took a car loan for my son because his credit is bad. The loan is in my name, the title is in his name only. He is listed on the loan as the 'holder of colateral'.

Where can you get a new car loan with bad credit?

It is not likely that any lender would loan you enough money to purchase a new car if you have bad credit. The risk is too costly since there is the strong chance that you will not repay the loan and the value of the car will decline quickly. If you have bad credit you should be looking at a used car that you can afford on your own or at a seller who will finance it for you.Bad Credit Car Loan is not easy to get first of all contact car lenders near you and ask them about you car loan eligbility or you can find many sites available on internet just filled out small application form they will contact you within 2 business days.

Where can one find more information about new car loans with bad credit?

Bank Rate is an website which provides information about obtaining a car loan with bad credit. It lists nine steps detailing how to obtain a car loan.

Can you include someones income on a car loan without their bad credit affecting you?

A person cannot include someone's income on a car loan, without their bad credit affecting the outcome of the loan. If another person is placed on the car loan, that other person will also be run through a credit check. This includes cosigner applicants.

Is a 10.4 interest rate bad on a new car loan?


Where can one get a car loan with bad credit?

There are many places one can get a car loan with a bad line of credit. There are companies online that offer services in helping with bad credit, some of them include Easy Auto Lenders and Cars Direct.

How can one get in the UK a car loan with bad credit?

Obtaining a car loan in the UK for someone with bad credit will likely have to be done through a sub-market or a broker. Lenders will not typically loan money to those that have a history of not being able to repay the debt.

Where can one find a car loan if they have bad credit?

If one was trying to find a car loan if they have bad credit there are various online company who offer this solution. Obviously the APR will probably be a lot more than usual due to the 'bad credit' bracket the person has been put under. Some of the companies are Infinity Car Finance, Car Loan 4 U, Car Finance 24/7 and Folwers Finance.

How can one get a auto loan refinance with a bad credit?

One can get an auto loan refinance with bad credit from several providers of this type of loan from such companies as, Road Loans, Get Me Car Finance and Midland Credit.

Is a 20 percent interest rate on car loan allowable in Virginia?

Easily! With bad enough credit you can get even worse. If the loan company is out of state, they can sock you 35%. The best way to go when your credit is that bad is to not get the loan. Buy a junker and save for a better car.

If a car is repossessed will the co-signer be left with bad credit?

Yes he/she is just as responsible for the loan as the signor of the loan.

How can you negotiate on your car loan with bad credit and no money?

If you have bad credit and no money you should not be looking at a loan. Get your life straightened out first. Cars are not required, good credit is.

What are your options when you have totaled an uninsured car that you still owe A LOT of money on and you need a car to get to work still?

Make another loan-quick before the wrecked car loan goes bad.

How do you solve the bad credit car loan issue?

Pay your bills on time.

How could one get a car loan with bad credit?

You can go to a smaller company (not necessarily a bank) and ask them. Plenty of those companies offer a car loan regardless of bad credit, because they want more and more customers.