How hard is it to buy a car after bankrupsy. I mean like right after I get the discharge papers? I want to know the interest rates, what kind of down payments they want. I could have up to 2000 down but I prefer not to dip into my savings. Leave that for a rainy day. Any help is much appreciated.
2007-03-04 12:43:58 · 10 answers · asked by sttng2004 1 in Cars & Transportation ➔ Buying & Selling
You can find 'bankrupcy O.K. ' car lots. Your interest rate will be very high. You will have to prove yourself all over again. My daughter filed bankrupcy two years ago. I had to co sign for her car she just purchased. Perhaps a co signer would help with the interest rate if his or her credit rating is good. Mom or Dad??
2007-03-04 12:50:35 · answer #1 · answered by bjb91950 1 · 1⤊ 0⤋
So, you messed up your life to the point that bankruptcy, under the new rules, was the only option. And now, at the point of signing off on everything, the very first thing you want to do is go back into debt? You can't file again for what, 7 years? Going to be an interesting time I bet.
How hard is it? Not hard at all, since lenders know you can't get out of it again, and that they can charge you all kinds of interest and late fees, and repossess if you are minutes late with a payment. Watch your mail for the payday loan junk mail to start coming in.
2007-03-04 20:53:25 · answer #2 · answered by oklatom 7 · 1⤊ 0⤋
No bank will quality for loan request within 7 year, don't even expect to buy a car with loan after a bankruptcy. U have to pay in full, however, it cannot exceed $10,000, or else, they'll file it up to the Government and they'll haunt you.
Bankrupty is never a wise choice to go.
7 year w/o any credit is really long...
Bankruptcy law just changed, if they find you are capable of paying back the debt, little by little or once and for all. they won't allow you to declare bankruptcy.
2007-03-04 20:50:41 · answer #3 · answered by steak5959 3 · 0⤊ 0⤋
save up and pay cash for an acceptable car.
Then you don't have to pay comprehensive/collision insurance.
You'll save $50 to $150 a month just on insurance.
You won't have a car payment... Saving $100 to $200 a month in interest.
Put appx $300 a month into savings and pay yourself for making a good decision. If you do that you will be able ot buy a BETTER car for cash in a few years than you were thinking of buying and getting a loan on today.
2007-03-04 20:50:04 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Very very tough. Expect a hefty down payment (I'm talking 30 to 40%) and an interest rate in the 20-25% range. I'm not trying to scare you I'm just trying to give you an honest answer.
2007-03-04 20:47:30 · answer #5 · answered by Gman 4 · 0⤊ 0⤋
Spell check after buying a car?
2007-03-04 20:46:18 · answer #6 · answered by Anonymous · 0⤊ 0⤋
It depends on when you filed bankruptcy.........and they will also look at the dollar amount of your bankruptcy. If it was a lot and not too long ago a bank may turn you down. Depends on the loan amount.........but, buy here pay here lots will finance anybody
2007-03-04 20:47:31 · answer #7 · answered by Nagitar™ 7 · 0⤊ 0⤋
Um yea....there is NO way they are going to give you a loan unless you have some really good collateral or have a really good co-signer.
2007-03-04 20:46:50 · answer #8 · answered by Anonymous · 0⤊ 0⤋
buy a used car for now, or ill slap you
2007-03-04 20:46:30 · answer #9 · answered by Anonymous · 0⤊ 0⤋
you probably won't be able to get a loan for about 10years
2007-03-04 20:48:32 · answer #10 · answered by ace012382 2 · 0⤊ 0⤋