what kind of a finance rate can i expect ,lets say to finance a 20,000 dollar vehicle ,or payments ......thanks
2007-10-11 11:53:02 · 9 answers · asked by matt l 1 in Business & Finance ➔ Personal Finance
Having a bankruptcy will definitely increase the interest rate cause I had one as well. But I also got ALOT of opportunities in the mail to help buy a car too! Get any of those yet? You may have to get a cosigner if you're going to finance. With a large down payment you might be okay though. Good luck!
2007-10-11 11:58:43 · answer #1 · answered by Sir Graham 2 · 0⤊ 0⤋
I would suggest that you rethink this. Buying a 20,000 vehicle while making 40,000 is a huge stretch.
You might not look as cool to your friends but one of the cheaper ways to buy a car is to look for a vehicle that's about 4-5 years old with low mileage. Most of the depreciation from the first few years has occurred. These are not plentiful but if you look around, you might find something that better fits your budget.
If you really want a better financial future, then buy what you can afford with cash. It might mean driving a junker for awhile but in the end, you'll be ahead since you won't be paying interest on a depreciating asset.
2007-10-11 19:44:16 · answer #2 · answered by Dave 3 · 1⤊ 0⤋
First you DO NOT need a NEWER vehicle. You need a DIFFERENT vehicle that is more reliable than what you are driving. $20,000 is MUCH more than what you can get a good USED vehicle for.
Without knowing how long ago the bankruptcy was and your record since then, anyone commenting on what affect, if any it will have is GUESSING. I can say your credit history AFTER the bankruptcy is more important than the bankruptcy.
2007-10-11 20:54:56 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
your going to be looking at a higher rate do to the fact that your trying to purchase a vehicle that is half of your yearly income already so you are starting off with a high debt to income ratio. The bankruptcy depending on what kind actually doesn't matter most dealers find it nice because you can't file again for 7-10 years so you can't file on the car!!
2007-10-11 18:59:29 · answer #4 · answered by hotblonde3380 1 · 0⤊ 0⤋
I'm not sure about this, but i bet that they'll require a down payment.. 40,000 a year is pretty small to get a 20,000 car lone; with a bankruptcy in your recent history.
2007-10-11 18:57:25 · answer #5 · answered by David 5 · 0⤊ 0⤋
Shouldn't you be asking a finance company!!
I'm not in US but I know in the UK you would probably not even get finance with a bankruptcy.
2007-10-11 18:57:39 · answer #6 · answered by Anonymous · 0⤊ 0⤋
There are a lot of places tha will finance you regardless of credit history, but you are going to get an outrageous interest percentage if you have a bankrupcy on your record.
2007-10-11 18:56:31 · answer #7 · answered by ☆Zestee☆ 5 · 0⤊ 0⤋
Become a member of a credit union that will be your best bet on the a car their interest rate will be around 3.2 right now heres a website for example nasjrbcu.org yes its millitary but they have sister banks check it out all you have to loss is time.
2007-10-11 19:45:02 · answer #8 · answered by jajalino2000 1 · 0⤊ 0⤋
You need to find out about your credit score first, but with bankruptcy that is only few years ago. It will be tough to get an auto loan.
2007-10-11 19:01:39 · answer #9 · answered by Anonymous · 0⤊ 0⤋