I'm a freshmen in college.
2007-04-05 05:08:45 · 7 answers · asked by paty 1 in Cars & Transportation ➔ Buying & Selling
It's your call really. Whichever you buy, consider these factors.
1. Make damn sure you can afford the payments. Not just barely, but comfortably.
2. Do your best to not pay a high interest rate. A person with good credit can get an auto loan from a bank or credit union for around 6.5%. Don't let some shyster car dealer charge you 14%.
2007-04-05 06:37:14 · answer #1 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
Being in college and already having a repo, i highly doubt anyone will sell you a new car, without a 90% down payment. That repo has destroyed your credit, so the only thing you can do is buy a used car with cash. You might be able to go through a dealer that is less stingent on repos, but youre going to have huge monthly payments, the price of the car is going to be twice that what you would pay if you had good credit, and youre still going to need a big down payment.
There are great cars out there for little cash. I bought a 96 prizm in 2003 on ebay for $1400. It had 115,000 miles on it and in great condition. ive replaced the battery and starter and added 75,000 miles to it.
2007-04-05 13:42:12 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You actually stand a better chance purchasing a new car than a used one, believe it or not! The bank has more of an interest in the equity of a new vs. a used and thereby are more likely to approve you. Your best bet is to buy whatever model year is ending, so right now, find a remaining brand new 2006 Dodge vehicle
2007-04-05 18:58:47 · answer #3 · answered by silverhemicharger 1 · 0⤊ 0⤋
My opinion is to go with a used car, you can try to get the loan after the repo
2007-04-05 12:44:22 · answer #4 · answered by Big D 1 · 0⤊ 0⤋
Doesn't it take like 10 years for a repo to clear from your credit check? I'm not an expert on that but go to dealer and ask, they should be able to tell you what to do and where you stand with your credit. But in my opinion go with a new car.
2007-04-05 12:12:43 · answer #5 · answered by userdefined 3 · 0⤊ 0⤋
My husband had a repo from when he was young and he got approved for a used car with no co signer just a trade in for loan of 15,000. So try it.
2007-04-05 12:20:23 · answer #6 · answered by chrisisdifferent 2 · 0⤊ 0⤋
Hi
You can find thousands of different auction and repo cars really cheap at http://www.carauctions.co.nr
Hope this helps
2007-04-09 10:41:27 · answer #7 · answered by John N 4 · 0⤊ 0⤋