what kind of deal woulld I get if a buy a new car with a bankruptcy and no cosigner?

Question

need a new car fast! but, no co signer and three years into a chapter 7 bankruptcy. please any info would be helpful!

Answer 1

First thing you should do is try your own bank for a loan, unless you stiffed them in the bankrupcy. Secondly, you will need some money down so scrape up as much as you possibly can. Finally, if you do have to go through a secondary finance company, like nuvell or household, be open to what kind of car you get, they are fussy about how much the car is actually worth in relation to what the dealership is selling it for,, sometimes, there aren't alot of options to you. For example the car price is $5000.00 plus tax, reg etc. fees. The car's actual book value is 4000.00. They will only lend you the $4000.00 SO you will need some cash.
Whatever you do, do not do in house financing. Some little car lots will also act like the bank and you would pay them monthly, Don't do it, they don't usually report to credit agencys and therefore, wont help you rebuild credit. Hope this helps!!

Answer 2

A car is the easiest credit to reestablish. You will pay a higher percentage, but should be able to find a good, newer if not new vehicle. If your bankruptcy was over 2 years ago your interest won't be as bad. The longer you wait though the longer it will take to reestablish it. Just be up front about it and have a large enough income to CYA. Good luck. Carmax gave us a great deal at 16% 6 years ago. Four years ago they did business with us again at 8%. Good luck.

Answer 3

you probably won't get a very good deal at all. Maybe at best a 17% interest rate but more likely 21%. Try a place like nuvell or household they work with people to build back their credit. Again, 17% is best scenerio though

Answer 4

An excellent deal if you pay 100% down, 0% a month.

Answer 5

=a very large down payment and very high interset rate good luck