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How do you get a car loan if...

you've filed bankruptcy and only have 500 as a down payment? Anyone have any advice?

 
wahm_abbeyrose

Asked by wahm_abbeyrose at 1:21 PM on Feb. 12, 2010 in Money & Work

Level 6 (104 Credits)
This question is closed.
Answers (5)
  • I would save for a small car and buy one...I wouldn't buy anything on bad credit you will get ripped off from one end to the other because your interest is soo terribly high it's going to be like paying for the car 4 times...bad investment...use the 500 and get a car to just get you around for now
    chica679

    Answer by chica679 at 11:25 AM on Feb. 13, 2010

  • you'd be high risk and have super high interest rate on your new loan. try your bank you more likely to get approved through them then a dealership.
    melody77

    Answer by melody77 at 2:35 PM on Feb. 12, 2010

  • Geeze I'd be trying to pay for a car with cash. Sell and save what you can so you can start out at say a $1000 car. Then move up as you get the cash to pay for it.

    Keep in mind that you can only file for bankruptcy once every 7 years (I think? It might be 10) so if you get in over your head this time, You're SIL.
    Anonymous

    Answer by Anonymous at 2:40 PM on Feb. 12, 2010

  • I would not get suckered into a high risk loan they will milk you for all you have. I would save cash and pay for a used vehicle...and like someone said...move it. It is the frugal way to go about it.

    Also not sure if you have tried but check into Dave Ramsey financial equipping. He is very wise with this sort of issue...NEVER ever ever buy a car new.

    here is to you and your family getting on solid footing for your financial future...do not beat yourself up for the bankruptcy...it happens to the best of people.
    SFerber

    Answer by SFerber at 5:36 PM on Feb. 12, 2010

  • If I were you I would save up for a car you could pay in full because with bad credit you are likely to get a bad loan and end up paying thousand mores with getting a loan especially a high interest loan.

    SylviaNCali

    Answer by SylviaNCali at 8:48 PM on Feb. 12, 2010

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