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Anyone else having a hard time getting a car loan?

We're currently looking for a bigger car for the family but we're having a hard time trying to get a loan. We're willing to put down $500 and maybe $1000 but that will be stretching it. We filed for bankruptcy back 2005 but we are in debt again. Stupid move, we already know that. Just wondering what else can we do other than paying off our other bills slowly. I am a SAHM of 3 boys and my husband works full time. I would love to work part time but with my husband job, there's no telling when he will have to stay and work a double right now it's out of the question. Any ideas where we can get a car loan from?

Answer Question

Asked by Anonymous at 10:01 AM on Apr. 17, 2009 in Money & Work

Answers (8)
  • Honestly your probably going to have to wait until you get things under control again and/or you have a job. You don't want to buy a car wtih an outrageous interest rate like 20% And thats probably what you will get stuck with.. so unless you can just do an even trade for your vehicle.. your probably SOL. =\

    Answer by amy31308 at 10:07 AM on Apr. 17, 2009

  • Yea, thats what I was thinking or just buying one straight out for cheap..but if we do that, we might as well just use the extra money to pay the rest of our medical bills. Thanks!

    Answer by azn_ladie82 at 10:13 AM on Apr. 17, 2009

  • I would suggest that you sell the car you have and use the money from it to buy a USED car that is the size you think you need. There are lots of nice used cars out there, plus it will keep you from adding to your debt. I also suggest that you read the book The Total Money Makeover by Dave Ramsey. There is a group on here called Dave Ramsey Fans, look for it.

    Answer by slw123 at 10:37 AM on Apr. 17, 2009

  • You should wait until buy the car outright.

    Answer by Anonymous at 10:58 AM on Apr. 17, 2009

  • You are not going to get a loan. I would get your bills under control before adding more debt.

    Answer by Anonymous at 11:19 AM on Apr. 17, 2009

  • My husband and I are recovering from bankruptcy as well, but we have accumulated no new debt since that point. What we do is to save up and buy a used car outright. No crazy interest rates and no inflated insurance to cover a car that still carries a note. Just remember to keep that savings account going when you buy that used car because there will be some repairs that come along with it in time.

    Answer by Anonymous at 12:40 PM on Apr. 17, 2009

  • I'm sorry I don't know what to tell you having bad credit can really screw up your life. We just bought a new car about a year ago it was our first new car we have ever bought we used to just buy used and pay cash but we got a 25k loan on a new toyota camry with a 6.38% interest rate which they told us that was a great rate for a first time car buyer and we've never owned a house, the only other credit we had was a few credit cards and we have always paid all our bills on time.

    Answer by aameliaz at 1:16 PM on Apr. 17, 2009

  • Don't waste your time. Banks are being very greedly about granting loans. Very extreme conditions for both the buyer and dealer. You will be seriously ripped off EVEN if you have good credit. Keep what you got.

    I am a laid-off Internal Auditor from the Automotive Industry.

    Answer by BingsMommy at 2:49 AM on Apr. 19, 2009

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