I need some advice. I'm driving a 96 lexus and its starting to break down on me. I've beaten the car to a pulp and its about to die anytime now. I need a new/used car. Im thinking about walking into a Toyota dealership and down payment on a used Prius or something. Thinking about putting about 3k down and paying the rest off monthly. THinking about goiing with a car thats about 15k - 20k range. I have really bad credit. Defaulted on my student loans and like 5-6 credit cards that I have. Currently running papers for bankrupty. Keeping up with rent and credit bills is killling me. My bankruptcy lawyer advised me that I should try to get a car before completing the bankruptcy. Goods news is that I have a really good stable job w/ decent pay, 47k salary(been with the company 4+ years). What should I expect to hear from the salemans when I walk into the dealerships. They probably *** me in the ass and charge me like 20% APR. Or will I even qualify for a loan? I'm not prepared to be humiliated by the salesman. ALso thinkin about going with the business advertised on craiglists, the ones where they specialized with customers with bad credit. Are these business legit? ANy ADVICE? Thank u guys in advance.
I filled out a form online for a low credit car loan and had a local dealership call me a few minutes later. Since my income was decent, they tried to convince me that "since you're trying to improve your credit, you want to get as new a car and as big a loan as possible. You want a payment of around $500 or $600." Instead, I just went to some Lexus dealership and bought a used Caddy. True to form, they couldn't approve me straight away, but since it was a Saturday, they just let me take the car home and said they would call me on Monday if I was approved. I think my note was around 11% ($350 on a $15,000 note for 54 months?) but I still got it. Dealerships usually don't run your credit until after you've agreed on a price, so your best bet is to just go around, don't haggle too much on price and then just risk a higher rate. Since you have $3,000 in cash, though, you might just talk to a diagnostics place and ask what they can do for that amount to keep it running.
Has the bankruptcy already hit your credit? If not you still have a shot. Your bk lawyer wants you to purchase a vehicle before the bkpty clears so they can add it into your list of creditors. Meaning your payment on the loan are going to be substantially lower in comparison to how long your BK lasts. If you do get an approval, your intrest rate will be high, but DO NOT tell the finance company that your in the process of filing for banktuptcy if it isnt on your credit right now. They will shoot you down quick as banks try to underwrite their loans to prevent bankruptcies (they hate em). In-House financing might be a way to go. If you decide to purchase a vehicle thru a buy here pay here dealership make sure they report to the credit bureau if you want to re-establish your credit (although it will not matter if your bk goes thru because the bnktpy is going to murder your score anyway). Expect your intrest rate to be anywhere from 15%-22% as these are the rates that are about a standard for subprime loans right now.
Definelity need to get a car thats in better condition. The leather seats are barely intact and is ripping like a mofo. Both the routers in the front need to be changed. Both the regulators for the front windows need to replaced(windows do not operate really). Its leaking oil somewhere caused its constantly low in oil. Did I mention the check engine light is on? I replaced one of the O2 sensors and it just came back on. Overall, I dont think spending 3k just to fix it up is worth it. I just need a new ride, cant deal with this one. Im thinking about filling that online credit car thingy. Kinda sckeptic about it though.
No I've just begun the paperwork for bankruptcy, so its not on my credit report yet. Dayam I really want a new car, but scraed ****less of them ripping me off in finance fees and what not.
No there isnt a better place to put the money in. I need a reliable car thats gonna get me back and forth from home to work. I won't get paid if I dont have a job to go to. Tens years with this car is long enough. Its paid off. Now its time to get another lover.
tell me you have a stay at home wife, two kids, and a mortgage. because no one single, with no dependents, making 47k/year, should be filing for bankruptcy. and you have $3000 cash but you can't pay your CC? you've got bigger problems than a old car.
That's what I was thinking when I first saw this. Absolutely no disrespect to the OP, but how can you save up 3k and not be paying off your debts? I'm 26, make just under 10K less than you, living on my own with two CC payments and student loans and still pulling in about $600 a month more than I need.
Rent......child support, 30K in debt from credit cards...Money I owe family and friends totalling in almost 15k... Shall I continue? Do I need to tell you my whole life story? I asked for advice, not to be belittled by some random guy on the internet. Thanks anyways.
to be fair, since you're not single without commitments like children, he wasn't and shouldn't harp on you. If I were in my position and I had to file bankruptcy, but still had a few grand saved up, I'd have to take a hard look at myself.
I just sold my 2002 Maxima with 107K miles on it for 5K. It was in great shape. Why not find a car like that or a used accord or civic and work on having no car payment.
ujgc.net Outstanding reputation. Idk if they will be able to help, give them a call and tell them Joe's son reffered you. They will not humiliate you after you tell them this. Let me know if they can help.
no you don't have to tell me your life story. i understand people run into hard times. just don't tell me you can save $3000 but you can't pay rent, your student loans, or credit cards and then ask for advice on how to get into more debt. good luck.
hahaha, burn. Macalu did make a good point that didn't even cross my mind, you are asking how you can go about best getting yourself into more debt. Do you have any worries that you'll default on the car payment? They won't just rearrange your payments with that one, they'll just take the care. I had a 2004 Focus with 105,000 which I never had a problem with I would have sold to you for $2k but I got rid of it just a few months ago.
Why? Do you intend to buy the car, default on the payments, and be protected by the bankruptcy coverage? Buy a used Camry for $3000. Do not incur any more debt.
I may be wrong, but I don't think bankruptcy can save him from losing the car. Correct me if I'm wrong.
