If credit bad (Bankruptcy) can I still get financing for new car?

Question

Will a major finance company like GMAC still finance if I have a big enough down payment, or will I have to go through a smaller company at a higher interest rate? I plan on puttine at least 30% of price of vehicle down.

Also, would a higher down payment help in the lease of a new vehicle if I can't get financed for buying new vehicle?

Answer 1

the more you can put down, the more you can negotiate the interest rate. with a bankruptsy, expect the max of 22%, it could be more.
but the more you can give them, you can say drop it to 12% and see what they say.

Answer 2

You can finance a new car with bad credit, but as you already know.. the interest will be sky-high. (23-25%) is possible.

Putting a big down payment on it won't help anything except for lowering your resulting sky-high payments because of the interest, of course.

Think twice about leasing: Due to the insurance's higher liability requirements for a lease, it could be quite an insurance payment as well! that, plus the other mileage factors, etc...

At 12,000 miles per year (lease) requirements, the most you can drive is an average of 33 miles per day.

You can pay a little more for them to up-it to 15000 miles per year but that will only buy you a higher average of 41 miles per day.

At the lease's end, you can find yourself paying $0.25 per mile over the preset limits.

Act accordingly!, and good luck!

Answer 3

Bad credit is one of the worst problems to have... however there exists a solution.

I will hereby talk from my personal experience.

I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,

a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :

http://umgarticles.atspace.com/debt-consolidation.htm

if it helps kindly remember me in your voting!.. cheers!

Answer 4

Take the 30% and buy a good used car from a private seller. until you get your credit back on it's feet. Unless you want to throw allot of money away in interest...then by all means, do it. (yes you can get financed)

Answer 5

You can still get a loan but your intrest rate will be higher. If you put alot down I'm not sure that will make a difference on your rate, it may still go by credit scores.