Nickaroni asked:


I am 18 years old. I’ve been working at the same job for 6 months now, I make 10.38 an hour and I work about 35-40 hours a week. I have 3 months of credit history (credit card). Would it be possible for me to get financing for a $18,000-$20,000 car? I don’t have any other bills to pay because I live at home with my parents, and my gross monthly income is about $1,200-$1,400. I would be able to put about $1,500-$2,000 down. Also, where should I apply for credit? At the dealer? Or a private company?
The first thing I would’ve done would be ask my parents, but neither of them have very good credit, so I am kind of on my own with this one.

Emily

Cloth on Bum, Breastmilk in Tum! asked:


Mostly I want to know if I should pay off my husband’s truck before or after I apply for the loan for my new car. Which will look better on our credit reports when we are looking for financing? (It’s going to be bank financing, not through the dealership.)
We have impeccable credit – the only problem with it is our ages, we’re pretty young so not a lot of our accounts have been open more than a couple of years. My neighbor had told me she thought it would be better to pay it off after we financed the new car because it would look good to have an open line of credit. I always thought it would look better to have less debt to pay on each month. Our only other debt is my student loans (also to be paid off shortly) and our mortgage.
Its not a matter of if I’m getting an auto loan. I sold my car today because we’re moving to Alaska for DH’s job and I needed something more practical for the weather up there. My student loans are almost paid off so its not like I need the monthly car payment money to go towards that. I was just wondering what looks better on your credit report – less debt or more lines of credit?

Jerome

Mrs.Banks asked:


My 2000 Chevy Impala is financed through Consumer Portfolio Services. I have recently read so many negative feedback about this company that I didn’t even have time to read everything the consumers wrote. I got the Impala on November 27, 2008. I put two thousand dollars down. The worth of the car was 13,000.00 before the down payment. Since then I have been making payments of 300.00 a month. I just recently checked to see what the balance of my car was and I was appalled that it said my balance was 9,000.00! I have paid 6,600.00 and my balance only moved by two thousand dollars?! I want to mention that yes I do have a high interest rate on this vehicle but there should be no reason that I have paid 6,600.00 so far in monthly payments plus an additional 2,000.00 for a down payment and the balance still sit at 9,000.00 what should I do?
I meant to say that I purchase the vehicle November 27, 2006
The second person who cemmented was all wrong! I have been making payments for 22 months not 10 months learn your math!

Jessie

Mario G asked:


Here is the deal. I owe 44,000 for a auto finance. the collection agency gave me a settlement of 28,000. They said if I don’t make a payment by tommarow it will go into a lawsuit. Can they actually sue me? and what is the wort damage that can happen?

Warren