I bought a car but the engine died and the car is only two years old so I stopped paying for it. Can a buy a brand new car with a repo on my record? Will I have to put more money down on the car than the normal 1k to 1.5K.
2007-02-01 10:35:46 · 7 answers · asked by shai 2 in Cars & Transportation ➔ Buying & Selling
Yes you can but you will need a larger down payment and you will be put in a higher risk credit category so thus you will be paying a really high interest rate.
2007-02-01 10:43:11 · answer #1 · answered by Anonymous · 0⤊ 1⤋
You may find a place to finance you, but you will be paying 21% or higher interest on the loan as you are considered high risk. And yes, you will probably have to put a lot of money down. And you probably owe the bank/finance company money from the first car as it had a dead engine and they probably lost money getting rid of it - If they got $1000 for it and you owed $4000, you owe them $3000. If you did not pay, that will effect your credit also.
Just because the engine died doesn't mean you stop paying for the car, no matter what the fault was - you entered into an agreement to pay for it. Now it's going to cost you. You should have thought about repairing the damaged engine as it's cheaper to do so than an new car!
2007-02-01 18:46:10 · answer #2 · answered by Joe S 6 · 0⤊ 0⤋
It might be a little tough. Go ahead and try it out, you will have to put a little more down than usual though.
2007-02-01 20:26:21 · answer #3 · answered by james d 2 · 0⤊ 1⤋
Yeah, you can go to a Buy-Here Pay-Here lot or try JD Byrider
2007-02-01 18:44:53 · answer #4 · answered by horseluv2477 1 · 0⤊ 1⤋
Try a "Buy Here-Pay Here" car lot.
2007-02-01 18:41:59 · answer #5 · answered by adjuster5 3 · 0⤊ 1⤋
Yes you can you buy and i bet you will have to put alot of money down on it
2007-02-01 18:38:52 · answer #6 · answered by lilmommakiser 2 · 0⤊ 1⤋
Absolutely, If you go down and pay for it outright cash no problem.
2007-02-01 18:59:30 · answer #7 · answered by Anonymous · 1⤊ 1⤋