I recently filed for bankruptcy and got it discharged. Its been over 6 months. I need to buy a new car asap (engine blew in mine) I don’t want anything fancy, just four wheels and an engine. I want to go to a simple place with in House financing and $500 down but not sure if that is a good move.
PS: I just started a new job and my credit is still in disarray.
Originally posted 2009-11-15 08:29:40. Republished by Old Post Promoter
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Buy here/pay here is the only place you can get a car on credit. But it will cost you dearly. The selling price will be greatly inflated and the APR will make you cry.
Sorry, but that’s your only choice.
i recomend you buy a backpac and become a hobo, this would be much better for everyone.
Its a really bad idea. Most places that accept $500 down are only going to give you a $400-600 wholesale piece and
you will owe $2900 more plus interest at 29%.
The cars with more down work similarly.
Bottom line is you only make a bad situation worse by dealing with one of these places.
You are paying through the nose but theres no guarantee its going to last any longer than a $500 junker off of craigslist.
Stay on a cash basis or you will never get to put the bad credit behind you.
Haggle as much as you can on a used car, and pay as much out of pocket as you can for a down payment. And yes, a buy here/pay here will butt-rape you, if they accept you at all. With the new-car market in the toilet, and credit in the sewer, BH/PHs are getting pickier.
Can you do without a car until you can save up some money? Nobody is going to turn you away if you walk in with cash to buy a car. Most buy here lots buy the junk that main dealers auction off. Also, most of those lots don’t report your payment history, so you don’t start rebuilding your credit
Do not do this deal! The down payment is whatever they have in the car. If they paid 500 for it, that’s what they want down. The rest is pure profit. Just get something off craigslist.
A car loans after a bankruptcy is one way to help build back your credit history. In fact, once your bankruptcy closes, you can apply for a car loan the next day. To get approved with the best rates for your car loan, follow these tips.
Review Your Credit Report
Before you start applying for a car loan, check out your credit report and make sure all your accounts are in order. It is not uncommon after a bankruptcy to see open accounts that should be closed, which hurt your credit rating.
While looking at your credit report, consider adding a page explaining the situation that resulted in your bankruptcy. If there were extenuating circumstances, lenders may approve you for a better rate than under normal conditions.
Plan Your Car Purchase
Before purchasing a vehicle, decide what you can afford in a monthly car loan payment. This will help you decide which financing package is best for you. Both the loan amount and length of payments will determine your monthly payments, so there is flexibility in determining which vehicle you can afford to purchase.
http://loan-house.we.bs/carloans.html
Use A Car Loan Lender
Car loan lenders make their money by finding you a loan. Car loan lenders work with several financing partners to back loans with all types of credit risk, including bankruptcies.
Online car loan lenders deal with thousands of loans, and can usually find you a better deal than your local car dealerships. Online car loan lenders will send you a check when you are approved, basically making you a pre-approved car loan buyer.
Explain Your Situation
Car loan applications will ask if you have ever declared bankruptcy and why. This is your chance to explain what led up to the situation and what steps you have taken to resolve your credit situation. Be sure to include improvements in your financial history too.
Consider Refinancing
Once you are approved for a car loan, keep your eye on future refinancing. By making regular payments on all your bills, in a year’s time you could qualify for significantly lower interest rates. In three years, you can build your credit score to near excellent and qualify for even lower rates.