If the timing belt is loose, it has failed and needs to be replaced and being an interference engine, there could be more bad news. The valves could be damaged by the pistons when the belt failed.
This job is not easy to do and you need to have sufficient tools and equipments. Btw whatever you do now, do not attempt to turn the camshaft manually. There is a possibility the valves might not be damaged but if you turn the camshaft and later the crankshaft, you would definitely damage the valves.
Do not attempt to start engine again.
Check out the link, procedures are similar.
Saturday, October 20th, 2012 AT 12:05 PM