Insurance paid off auto loan. How do I get another in a short amount of time?
ИпотпалMy car was involved in an accident within 1 month of purchase. Insurance paid off the loan. I called my finance company, which is the same that funded my previous loan, and they offered me a higher interest rate on another car based on my credit report w/ recently opened car loan. My car is paid off, the loan pay-off will not be reflected at any credit agency for a while and I need another car ASAP. I tried explaining this to the loan company, even though it shows paid off in their system, and they still counter with “You have to wait 60 days for pay-off to reflect on the report…” Do I have any other options? Other lending agencies will also base it on my current report.
My car was involved in an accident within 1 month of purchase. Insurance paid off the loan. I called my finance company, which is the same that funded my previous loan, and they offered me a higher interest rate on another car based on my credit report w/ recently opened car loan. My car is paid off, the loan pay-off will not be reflected at any credit agency for a while and I need another car ASAP. I tried explaining this to the loan company, even though it shows paid off in their system, and they still counter with “You have to wait 60 days for pay-off to reflect on the report…” Do I have any other options? Other lending agencies will also base it on my current report.
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I went through citifinancial auto. No dealer is involved. I just give them the check.
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Tagged With amount, another, Auto, Insurance, loan, paid, short, time
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4 Responses to “Insurance paid off auto loan. How do I get another in a short amount of time?”
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VA Bch/Oceana, VA
Well first of all, the dealership you are buying the new car through should be the one going to bat for you. And if it is a dealership they should have other available finance sources to use with comparable rates. I am a Business Manager myself and that is what I would do to earn someones business. Hopefully on the totaled car you were in a good equity position or bought Gap Coverage. Good luck.
Try a local small bank who needs your business. Avoid going thru Dealer initiated loan apps.
Find a credit union and become a member. Apply for an auto loan directly with the credit union (most even offer online applications) they’ll tell you what you are approved for and give you a check that states good for up to that amount.
Getting your car asap requires insurance asap.
I use this site to compare what’s available:
Auto Car Plus Insurance Transfer Site
http://www.acats.net
All the best,
Noel