2007-05-06 16:00:05 · 8 answers · asked by Paul S 2 in Business & Finance ➔ Credit
The simple answer is, yes. With the right income you can finance anything. You may have to pay a higher interest rate than if you had a great credit rating.
2007-05-06 16:09:38 · answer #1 · answered by jonnydollar1950 3 · 0⤊ 0⤋
Actually it's very easy. This is what I do for a living.
Look in yesterdays paper and find a dealer that advertises Special Finance. Call and talk to the Manager, they will be able to help you.
Your interest rate will be tied to whats called the loan to value amount, so the more you borrow verse what the vehicle is worth in N.A.D.A. the higher the rate will be.
You will have to make a down payment normally 10% or $1,000.00 whichever is less.
I have 15-lenders and at least half of them have some kind of bankruptcy program.
2007-05-07 02:19:59 · answer #2 · answered by ? 7 · 0⤊ 0⤋
No, not necessarily. First of all the bankruptcy has to have been discharged. If you have shown good payments on your credit bureau since then and reestablished your credit you at least have a chance. I've been in the car biz 15 yrs. and have seen loans approved with a bk on the credit report. A lot of it depends on your credit history and credit bureau score.
2007-05-06 16:13:08 · answer #3 · answered by mike g 1 · 0⤊ 0⤋
No, not at all. A lot of people think so but that is not true. For seven years after bankruptsy you cannot do it again. You can get a secured loan, there are a lot of people willing to do it. The interest rate will be high, and be ready to loose the car the very first time you are even late with a payment. You have to pay, and pay on time or you loose everything. That is one of the bad sides of bankruptsy that they don't tell you about.
2007-05-06 16:13:06 · answer #4 · answered by ttpawpaw 7 · 0⤊ 0⤋
A car loan with a past bankruptcy is fairly easy to obtain. The reason is the lender knows if you default on your new car loan you will not be able to claim bankruptcy any time soon so they are more likely to recover their money.
2007-05-06 18:16:42 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I wouldn't finance a new car with bankruptcy on my credit report.
You should learn something about your history.
don't do it!
spend only the money you have.
2007-05-06 22:24:30 · answer #6 · answered by Vampir V 3 · 0⤊ 0⤋
i became on an similar project and this website helped me CREDITVAULT.internet- RE financial disaster and finance.. debt etc? If a good buddy of yours has had extreme economic misfortunes at the moment and is unable to satisfy her debt funds, what advice are you able to offer? be effective to contain the challenge of financial disaster because she has heard that it eliminates all of your credit issues. on your talk, distinguish between immediately financial disaster and a salary earner plan.
2016-11-25 23:24:24 · answer #7 · answered by ? 4 · 0⤊ 0⤋
Nothing is impossible, but your chances are pretty slim. And if you had the tiniest of possibilities your intrest rate would be @ least 23%.
2007-05-06 16:10:33 · answer #8 · answered by Laverne D 2 · 0⤊ 0⤋