How can I get out of a second chance finance loan?

I am currently under a second-chance loan for a car I got three years ago. I have had horrible luck the past year with costly repairs. My extended warranty expired and have had an insurance company drop me for me having to use the rental car option (or something like that) as well. More recently my car has been in the shop four times the past two months. I want to get another car but dont know if it is possible since I am on a second-chance finance program. Can anyone help?

How can I get out of a second chance finance loan?
You have two issues here, and it is important to recognize the difference. First, you needed to get a "second-chance" loan, presumably because you had credit problems in the past. Second, the car you bought with the loan is turning out to be no good.





If you want to get another loan, the second fact is no problem. You have a car that is getting too expensive to maintain, but that's why most people buy new cars. No one will down-rate you for that. The issue here is your credit.





Have you been paying on the loan? Have you made the payments on time? If the answer is yes, and you have been paying properly for three years, you should have no problem getting a loan for another car. But if you have late or missing payments on this second chance loan, you may have a hard time.





In that case, you may have to decide whether you can live with the continual repairs, or take an even bigger chance on a car from a typical used car lot, where they advertise that they finance everybody. You can get a loan there, I'm sure, but you will pay through the nose for it, and the car is likely to be as bad or worse than the one you already have.





There aren't a lot of good answers here, unfortunately. You don't say how many payments you still have on the current car, but if you can put aside an extra $20 or $40 a month, you may be able to shorten the time until you are paid off. At that point, getting another loan might be a lot easier. Also, see if there is a credit union where you work. Credit unions are usually able to finance loans for members that banks would turn down. Good luck!!
Reply:I have no idea what you mean by a "second chance finance loan". If you mean you have lousy credit, and allowed some high interest company to trap you into a high interest loan, all you can do it pay it off early and save the interest you would otherwise pay, but be aware they may have an "early payment penalty" written into the contract.





Several questions come to mind, how much to you still owe on the vehicle, and what is it worth being one.