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Buying a car after bankruptcy?

We went bankrupt almost a year ago. Chapter 7. My car is literally on its last days. I was wondering if you went bankrupt how you bought a different vehicle? We aren't going to be looking for anything brand new. Something a little newer than what we had. It was a 2001 grand prix. We've had it 8 years and its got over 160,000 miles on it. Pretty soon its gonna be a Flinstone car. Has any of you tried any of them buy here pay here's on a vehicle? If so did you have good luck? I want a car thats gonna last a few years. Thanks for the advice in advance :)

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Asked by Anonymous at 2:45 PM on Mar. 21, 2010 in Money & Work

Answers (2)
  • If you did bankruptcy a year ago and have done well or average with payments then you will most likely be able to get a loan. The interest rate may be a little high. We found that it was easy to buy a brand new car but almost impossible to buy an affordable used car (in our budget). After waiting and working (about a year after our bankruptcy) we finally got a decent car at a decent price but the interest rate was high (18%). When we had to trade in due to a change in our family our new used vehicle was a 12% loan. When that vehicle was totaled a year ago our new used loan was 7.6%!!

    Answer by Anonymous at 2:53 PM on Mar. 21, 2010

  • Try toyota...we filled 18 months ago and got a very good rate. It was9% with 1000 down on a brand new car. I was shocked...bankruptcy is not the huge deal it use to be...

    Answer by Anonymous at 11:20 PM on Mar. 22, 2010

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