What A Nightmare..
My bankruptcy went thru in september, and I have had BOTH my cars go belly up... too old, and too much money to repair them. So I thought I would try getting a car loan. 1st, they wont sell me anything older than about 2 years old if I am going to get a loan, then they wanted 25% interest on it... walked outta there pretty quick... and guess I should have stayed a little longer to see where it ended, since they were acting like they were going to try to work with me. Can any of you give me some insight on this? What has your experience been so soon after a bankruptcy? And what can I really expect?
From working at a car dealership, I can tell you that it is easier to get a car with a BK on your credit then bad credit. I think you can even do your own bankruptcy as well. Basically anyone will approve you. Of course the dealership doesn't want you to know that. Because lets say the bank says they will finance you at 10% interest, the dealership tells you 17% and you agree well that 7% more profit the dealership is making off you... I found some great tips in the book "Credit After Bankruptcy" by Stephen Snyder (no, I don't have a financial stake in the book!). My hubby and I both plan to follow his advice when and if we get our discharge. He and his wife were able to pull themselves together after 8 months, when they were able to obtain mainstream credit at almost "A" credit ratings. He explains how to approach, for instance, car dealerships, which ones are more post-bankruptcy friendly, etc. Also, how to establish the kind of credit that will help the most to raise credit bureau ratings. Previous writers are right, just look at the many car dealer ads touting "bankruptcy no problem". Since they are competitive and hate to see a customer walk, you can turn that to your advantage. I highly recommend the "script" in the aforementioned book as it makes sense and shows the dealer how you are willing to work with him and also feel as though he is the one who initiated a great deal for you. We received the book two weeks ago and are already starting to mentally prepare the steps we will take with the author's guidance. I highly recommend it.
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