Buying a car after bankruptcy

[ashrabs]

Can anyone give me advice for buying a car after chapter 7? Has anyone been in this position? I was discharged from chapter 7 bankruptcy at the end of March 2007. I am in need of a vehicle. Do you ALWAYS have to put money down?

Any advice would be appreciated. yeah, also,

[1st-time-mommy]

Lots of lendors speciliaze in that area. I am surprised your not getting "hounded" by dealers by now. New cars are typically easier to buy than used when dealing with bad credit situations. Chrysler is very aggresive in that regards.

[Luke D]

I was in this situation 16 years ago. I went to a dealer and found a used car that I was happy with. I explained my situation and offered to buy the car at the price on the sticker - knowing this would make a nice profit for the dealer and would make him want the sale. He looked into it and told be he could not finance me for the typical 6 or 7 percent loans that others with good credit get, but rather my interest rate would be 15 percent.

I wasn't happy about this, but he told me that after having the car for 6 months or so and paying each payment ontime (no late payments) that I could refinance through one of his other lenders or through a lender of my own. I bought the car at 15 percent and refinanced 6 months later for 7 percent.It worked for me and I think it will work for you. The interest rates may be different now, but the premise is still the same.