I filed bankruptcy 2 yrs. ago and havent reestablished any credit since found a car I like but feel the interest rate is too high I dont have to put any money down or trade. deal or no deal.
2007-11-11 12:38:40 · 7 answers · asked by mzmo314 1 in Cars & Transportation ➔ Buying & Selling
17% is not high for someone with a recent bankrupcy. I suggest taking the loan, make the payments and any other payments you have for nine months, NEVER late and then refinance. Sure, you will have paid quite a bit of interest in the nine months, but for now you don't deserve low interest (no offense, it's a risk thing). But nine months of a car loan will show a credit union, that you intend to pay.
2007-11-11 13:19:30 · answer #1 · answered by jay 7 · 1⤊ 0⤋
17% is high but not surprising since you are deemed "high risk". In my area, they even charge up to 28% for people with bad credit. Shop around and compare lender rates for bad credit/no credit financing and secure your loan BEFORE you step into the dealer's lot. The dealer will try to screw you over for higher interest rates based on your credit scores or lack thereof.
2007-11-11 12:55:06 · answer #2 · answered by jdhs 4 · 0⤊ 0⤋
This sound high to me. Dang, have you back in Bankruptcy again. I not sure what to tell you. If you need a car this may be your only choice. Chapter 13 supposed to rebuild credit. I thinking you must have filed Chapter 7???
2007-11-11 12:45:19 · answer #3 · answered by Snaglefritz 7 · 0⤊ 0⤋
You're really in a tough spot and they know it. Let them know you're shopping around and that other places have cut you a better deal on interest. It's all negotiable. You're going to pay more because you're a higher risk, but 17% is ridiculous.
Rick
I'm a retired ASE Master/L-1 Technician. I still keep current with the latest automotive technology. Visit my blog for cool articles and TSB's: http://free-auto-repair-advice.blogspot.com
2007-11-11 12:43:25 · answer #4 · answered by Anonymous · 0⤊ 0⤋
17 is high but here where i live it is higher.
I would say wait for several months or so and save some money for a down payment. Because with a down payment your monthly payments will be lower.
2007-11-11 12:46:53 · answer #5 · answered by Anonymous · 0⤊ 0⤋
based on what you stated that is a good deal , I am a car salesman.
2007-11-11 12:47:37 · answer #6 · answered by Anonymous · 0⤊ 0⤋
17% is to much to pay for anything.
2007-11-11 13:26:58 · answer #7 · answered by toddly1 2 · 0⤊ 0⤋