As mostly everyone knows by now I got in an accident with my crossfire. Thread is on disply. My question is, is there a web site or a company that will like help pay for your car damages after an accident. Like u pay them so n so amount of money an they would help you? Like somthing like that. I feel there is somthing like that out there rather then your own insurence that can help you pay for damage....mhm idk. Thank you for ur time searching an getting back to me

 

I know what your saying and I'm not sure if there are any out there but the best way you could possibly do this with lower interest rates is to do the following.

1. Take out a personal loan (best option)
2. Credit Cards with low interest rates (if any exist lol)
3. Bum money off your friends with a promise to pay them back
4. Refinance your home ( not recommended)

Best of Luck!!!

 

loans, credit cards, refi are you kidding!!? never never borrow money for a car. period. if you are going to fix it do as much as the budget allows. get a second job if needed. 2nd job 0% interest rate!
20 yr olds giving loan advice. i have seen it all now!

 

When I was twenty my advice was spend, spend, spend. I never owed much but I never owned much either. I had nothing to show for the money I spent except for a car and some clothes. I did have a good time though.

 

[quote=onehundred80]When I was twenty my advice was spend, spend, spend. I never owed much but I never owned much either. I had nothing to show for the money I spent except for a car and some clothes. I did have a good time though.

My formula was buying a very impressive car with outrageously high miles. Find going out of business sales at finer haberdashery shops and sharing a high digit place in Malibu for example with two other guys. It was great for picking up women and making a great impression on clients. The down side was everyone thought I was richer than I was and expected me to spread a little around (show up with some coke or take everyone out or buy big gifts) I'm glad that charade is over.

 

I don't really agree with you on that. It depends on the situation. I am 36 years old. Have no debt except for a mortgage on a home that I can afford to sell and get rid of. Then I owe absolutely nothing! I have made a lot of good decisions in my life and resisted urges to spend, spend spend... and resisted the urge to constantly be upside down of vehicles by trading them in too early. I am not a financial wizard but when I look at my own portfolio I am not a slouch because I made a lot of wise decisions!

If the car is a total loss he still needs a car so he must do one of two things....

1) fix it
2) spend 10K on a used car (or a lot more money on a new car)

If he could take a loan out for 5K to fix the car it is better than taking a loan out for 10K to get a new used car (with potential problems down the road that could cost him even more money out of pocket to fix).

So rather than letting his crossfire be a complete loss and loose 8-12K (based on what it was worth before the accident)... he may be better off just taking a small loan out to fix it and make it drivable. It is more economical than taking a large loan out for a new car. If he still owes money on the crossfire then he really should fix the car. Without seeing the estimate to fix it and what he owes I can't make that kind of decision.

 

This makes little sense to me. Either you have paid for collision insurance on the vehicle and should use it, or you should pay for the repairs with money you have on hand. Borrowing money to repair a car makes no sense at the typical interest rate you would have to pay. Do you have collision insurance on the car? I can see wanting not to use your insurance for fear that the rate could increase but you have to weigh that against the total cost of double payment (i.e., paying for insurance that you don't use). In the event you don't carry collision insurance, you should consider walking away from the car and get yourself into a nice used 1995 Chevy Cavalier or similar.

 

Obviously you didn't read his other thread.
He canceled his collision coverage about 2 weeks before the accident to save some money.

BC.

 

I may not have read his earlier post, but my feedback covered whether he had insurance or not.

This makes the solution even easier. He should sell the Crossfire and buy a 1995 Cavalier or similar. Seriously. If you have to drop your collision insurance to save money and don't have cash on hand to pay for a repair you either need to own a less expensive car or take advantage of public transportation. One must assume that there is no loan balance on the car (full coverage insurance is typically required by lenders) so the financially sound thing to do here may be to sell the Crossfire for a few $K and buy a $1-2K used car and pocket any difference for future repairs.

 

He has a winter beater that he's going to drive. The Crossfire won't be going anywhere until spring anyway, and by that time he should be able to come up with money for parts. I sort of agree with Steve. Having a little debt is a good thing since it shows the banks you're alive and stable, but going upside down on a crossfire is a bit silly. This coming from someone who's been there, done that.

 

in that case saving hard all winter to have it fixed in the spring would be reasonable.

 

The Answer To YOUR Question........ is no, there are no web sites out there that will pay for your car that has been in an accident....there was some good advise on how to pay to fix your car.....take it or leave it...but, here's the only advise from this old guy....never remove full coverage insurance from your vehicle if you don't have the cash in the bank to 1. pay to fix it if in an accident, or 2. replace it if totalled.....you never save money if your RISK isn't covered. Never.....you can ask my son, who just lost my old car I gave him along with all his belongings in fire....because he didn't spend a $100 for renters insurance....he wanted to save money....Dad, being the Dad that I am, bought him another old car, clothes, and has his old room back here at home until he is on his feet again....now, enough of the old guy syndrome...the best advise I saw, was fix it a little at a time as you have the extra cash...don't borrow money to fix it....good luck my friend....

 

Not kick the dead horse, but Doc is spot on. I see people upside down in regard to their income v. asset v.credit. If you dont have the ability to replace it, CYA (cover your a**).

 

why do you think he needs 10k car to replace a wrecked one? how about a car that costs the amount of money he can pay cash for? us old guys call it a beater. if you dont have the cash you cant afford it. as i said another job fixes the car over the winter and doesnt involve debt or credit cards and breaks the cycle of ill borrow more money to fix all my problems.
i know im preaching but if i cant beat thisn thru 1 kids head maybe theres hope for the usa yet.
13dog a little debt isnt good debt. no debt is good debt

 

Since it's winter, that would be a beater with a heater. lol

 

Who pays cash for a car these days? If he had the cash to buy a new car then we wouldn't be having this conversation about loans. I did not know he had a beater so my advice is now bad. I would save the money to fix the car.

Nothing wrong with a car loan. Nothing wrong with paying a monthly bill for a car. A car is needed to get to work and make money. I used to pay 200 per month on a train ticket to commute to work plus 60 per month in subway tokens. I still needed a car to get to the train station. Calculate those payments. So when I spend 400 per month on a car payment and no more train ticket just to make the money I make... 400 is chump change and worth every penny for something reliable that will get me to work on time each day.

Here is the problem.... Most people buy a new car and put nothing down. Then they decide to trade it in and roll over the money to the next loan. Big mistake and not smart. But walking into a dealership and financing a vehicle is ok. Just pay it off and drive the heck out of it. My crossfire is now paid off and I love it.

 

Agreed... do not borrow..

Strip the XF and sell off the parts.. (if you take your time you'll understand why chop shops make $$)

Drive your beater thru the winter and save $$ (BTW - what is a winter??)

Combine the two funds, shop for a used SRT6, and in the spring you'll be driving a cool car with no payments....

 

I do. I never finance anything unless I get zero % financing.. Like my big flat screen with 7.2 surround sound sytem....thanks Best Buy !

I just save... and save... and save... (Thanks Grandpa...)

 

You obviously didn't read his question very well. He was asking if there where any companies out there that could help with paying for his car. If he had cash on hand then he wouldn't be asking this question. I agree with you that you shouldn't take out a loan to fix a car but that wasn't his question so I gave him idea's off the top of my head. Just cause I'm 20 years old doesn't mean I know nothing about money. I work just like you do and I'm in the process of saving up money for a house. Yeah I may not have many bills at my age but I know the value of the dollar.

 

I think this is the problem you have here. There are a lot of old timers opinions (as they called themselves in the previous post). The old timers believe in cash and no credit. I get that! I am the last one to use credit because I can't stand credit cards. I have no credit debt and prefer to keep it that way. You still have people in this world (like my grandfather) that refused to get credit cards. The old timer mentality is if you don't have the money then you shouldn't spend it. That theory works great until you try to rent a car. You can hand them a ton of cash but they still won't lend you a car without a major credit card.

In my opinion there are 2 loans that are OK. A mortgage and car loan. You may run out and pay cash for a used car.... but do you really keep 30k hanging around for a new car purchase? I don't! Every penny I have is invested with very little liquid laying around. Why would anyone keep 30K in a savings or checking account anyway?!!!! What will you get for it? .00019 percent interest rate