Vehicle loan for new car as not worth old one

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Billy Vaughn
Posts: 3
Joined: Sat Feb 15, 2020 3:06 pm

Vehicle loan for new car as not worth old one

Post by Billy Vaughn »

I live in Wood County Ohio and I was told about a program that will help with getting a vehicle and low cost loans for it. I have tried to get loans on my own for a new vehicle and my credit is not good enough. The car I had the motor went on it and we thought maybe we could just get a new motor or get it repaired but the shop said at this point it would be better to just get a new vehicle because the cost would be the same as getting a newer used vehicle. I need an affordable vehicle loan to be able to get back and forth to work and get my son to his preschool
With winter coming I don’t want him to have to walk and I don’t always have someone that can give us a ride. So I just need more information as to if there is a vehicle loan program like that. I just don’t know what to do at this point.

admin
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Re: Vehicle loan for new car as not worth old one

Post by admin »

Sounds like you also ran the numbers on the cost of fixing the old car and buying a new one - good for you. Did you build into your budget room for a monthly payment on the new vehicle loan? As you need to afford it over the long term. Billy, a non-profit in the Wood County Ohio area is the Mid-Ohio Valley CCS (Credit Counseling Service). They have an address is 2715 Murdoch Avenue, Parkersburg, WV 26101. The non-profit is BBB rated, a non-profit, and offer both educational services (such as how to get an auto loan and approve credit) as well as many other financial management and literacy services. But as you said, you need better credit first - thus financial literacy help. Phone 304-485-3141.

Billy Vaughn wrote:
Thu Mar 05, 2020 5:03 pm
I live in Wood County Ohio and I was told about a program that will help with getting a vehicle and low cost loans for it. I have tried to get loans on my own for a new vehicle and my credit is not good enough.

Gerald Bell
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Re: Vehicle loan for new car as not worth old one

Post by Gerald Bell »

Hi,  I live in Paris, KY. Me and my husband have hit rock bottom and trying to get caught back up but we had a seven 7 car loan. We read some articles on financial literacy and now realize that was a bad idea as the loan is worthless when compared to the equity.
My husband works and trying to save money up for our bills and retirement and pay down debt plus a car payment. Please let me know if your able to help with car payment assistance or getting us into a new car. I'm not sure what else to do, I've contacted local churches and businesses and no one can help. Please let me know. Thank you for your time.

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