Was driving along the belts started sqealing for a couple of seconds, when it stopped all the warning lights (like check engine etc) came on and then we lost powersteering and then the car stopped so we turned it off and started it back up again with no dramas except the oile pressure gauge reading nothing. so we changed the oil and filter the oil was fine the gauge has risen a little bit but not much.
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Don't drive your car!
If by 'loud' you mean there's knocks and rumbles - that sounds like serious damage caused by zero or low oil pressure. If there's no terminal damage yet caused by a lack of oil pressure .. there soon will be.
Don't drive your car. Get somebody qualified to have a look at it first. Your oil pressure warning light is on because there's no oil pressure. You're liable to destroy the engine (very quickly) if you run it with no oil pressure.
The first thing you should do is check your engine oil level. Make sure that the oil level reaches 'full' on the dipstick.
If your oil level has been unacceptably low - top up and start the engine. The oil warning light should go out within a couple of seconds. If not - it points at a problem elsewhere. Don't run your engine with the oil light on. Get a second opinion.
I see more than one issue in your story. Its possible the computer lost memory and will need to relearn. But that would not explain the knocking noise. The oil pressure warning might explain the noise if oil pressure really is low. Running without the belt for even 5 min would not cause the problems you describe.
I would focus on the low oil pressure warning and the noise first.
2 Check the lights on the dash. You should see a variety of dash lights light up. One of those lights will be a "Check engine" light. This light should stay lit with the ignition key in the "II" position. The rest of the lights should go out. If the "Check engine" light begins to blink, you may have a problem with one of the vehicle's electronic components. Consult your owner's manual or call your dealership for possible servicing issues.
3 Start the engine. The "check engine" light should go out after a few seconds. If it does not, this can indicate either a maintenance interval has been reached or a more serious problem with the vehicle's emissions control system. Again, it is advised to consult your owner's manual or call the dealership for service.
4 Check for an illuminated "SRS" light on the dash. The SRS light indicates a problem with the supplemental restraint system, i.e., the airbag, on the Camry. This needs to be serviced by a professional mechanic.
5 Check for an oil light on the dash. The oil light is in the shape of a small oil canister. When this lights up, it indicates low oil pressure. Low oil pressure is caused by a blockage in the system, a weak oil pickup or oil pump, or low oil levels in the engine. Check and see if your Camry is overdue for an oil change. It is recommended that the oil be changed at 5,000 miles or every six months.
6 Check for the low fuel warning. The fuel light on the Camry is on the fuel gauge near the "E" on the gauge face. The low fuel light means that you have to refuel your vehicle.
7 Check for the seat belt warning light. The seat belt warning light is a picture of a figure wearing a seat belt. If your seat belt is unbuckled, then this light will illuminate (along with a warning chime) indicating that you should buckle up.
8 Check for an orange car with lights on (on the dash lights). This warning light indicates that one or both of your brake lights has failed, or the electrical resistance in the bulb filament indicates that it is about to fail and will need service soon.
They are not related. If the belt broke, the water pump would stop pumping, the car would overheat, power steering would quit, battery stop charging, etc, but just 'needing to be replaced' means that the above will happen if the belt fails. Your oil pressure is provided by the oil pump, which is not dependent upon the serpentine belt. You should remove the oil pressure sending unit, crank the engine over, run it briefly (10 seconds), you should have oil spewing out where the sending unit was. If not, there most likely is no oil pressure, as indicated by the red warning light. Always assume the oil light going on indicates there is no pressure, and turn off the vehicle immediately. The risk of continuing to drive the vehicle will result in severe engine damage. I hope this hasn't happened, but be prepared for the worst.
low pressure in the tranny, did you check the oil level in park? if so you might have to check it in gear with someone holding it on the brakes, then re-check... hopefully it isn;t the pressure solenoid.... $$$$$$.... they can be expensive, cheers!