What are the chances

[Deleted User 670]

It depends on the bank and what they consider a good risk. They very well may give him a loan but at a higher interest rate.

[famousglm714]

Yes but he will have to go through the dealership’s financing program and have an absolutely ridiculous interest rate. I don’t think his regular bank will touch that situation with a ten foot pole but maybe I’m wrong. He might even have to go to a shady buy here, pay here predatory type place. I wouldn’t do it but a lot of people do. Some places like that have a device in the car that can make it undrivable if you don’t pay the bill.

[nmkj]

Jesus h christ that's an expensive car! They might do a trade and tack on what he owes to the next loan but I don't think that's smart at all.

[Fullxbusymom]

My brother works and has a car loan through the bank his work uses. The car loan comes out of his paychecks before the rest hits the bank. So the car loan has always been paid.

He got into some trouble with credit cards and now his credit is not good. He cannot pay off the balance for those cards. I think he has 2? Home Depot and Best Buy.

But he also has 1 card through that same bank that he has paid off religiously. Just a Visa.

Now he needs another auto loan. He needs to trade in his car for a new one because his GF is pregnant and with their 4 kids already there's no room. They can't afford another car.

Do you think the bank will give him a loan considering everything?

He has collateral. He owns his home. Idk if that counts for anything.

The car is worth about 30 grand at least but he owes like 27 on it still.

Completely depends on his credit. Trade the damn thing in and get a used paid in full car and then start paying off the credit cards that he is in debt too.

[QuantumNursing]

My brother works and has a car loan through the bank his work uses. The car loan comes out of his paychecks before the rest hits the bank. So the car loan has always been paid.

He got into some trouble with credit cards and now his credit is not good. He cannot pay off the balance for those cards. I think he has 2? Home Depot and Best Buy.

But he also has 1 card through that same bank that he has paid off religiously. Just a Visa.

Now he needs another auto loan. He needs to trade in his car for a new one because his GF is pregnant and with their 4 kids already there's no room. They can't afford another car.

Do you think the bank will give him a loan considering everything?

He has collateral. He owns his home. Idk if that counts for anything.

The car is worth about 30 grand at least but he owes like 27 on it still.

Completely depends on his credit. Trade the damn thing in and get a used paid in full car and then start paying off the credit cards that he is in debt too.

He would still have a car payment and loan

[mojogirl]

I can't imagine being this irresponsible.

[Valentina327]

Tell him to go through the bank that he and his employer work with specifically.

Don't have the dealership place him with a random bank. If the bank he and his employer work with are a smaller bank, they will definitely be able to provide some flexibility and understanding where his screw ups are concerned. They tend to look at the person, since there's an existing relationship, and not just go through an automated underwriting process as a random bank would. They're more flexible.

He can also look into doing a Home equity loan since he owns his home. The terms woukd likely be much more favorable since that's an asset backed loan than what he'd get on a regular auto loan.

[Fullxbusymom]

My brother works and has a car loan through the bank his work uses. The car loan comes out of his paychecks before the rest hits the bank. So the car loan has always been paid.

He got into some trouble with credit cards and now his credit is not good. He cannot pay off the balance for those cards. I think he has 2? Home Depot and Best Buy.

But he also has 1 card through that same bank that he has paid off religiously. Just a Visa.

Now he needs another auto loan. He needs to trade in his car for a new one because his GF is pregnant and with their 4 kids already there's no room. They can't afford another car.

Do you think the bank will give him a loan considering everything?

He has collateral. He owns his home. Idk if that counts for anything.

The car is worth about 30 grand at least but he owes like 27 on it still.

Completely depends on his credit. Trade the damn thing in and get a used paid in full car and then start paying off the credit cards that he is in debt too.

He would still have a car payment and loan

No, did you misread what I wrote?

[bluebunnybabe]

If anyone gives him a loan, it will be a shitty loan. I hope he plans on trading way down. He obviously can’t afford a 30k car loan, and he may think it’s worth 30k, but they’ll probably want to give him around 22k on trade in.

[QuantumNursing]

Completely depends on his credit. Trade the damn thing in and get a used paid in full car and then start paying off the credit cards that he is in debt too.

He would still have a car payment and loan

No, did you misread what I wrote?

yea that thats the stupidest thing he could do