I am in need of better transportation. Bankruptcy was discharged in August of this year. Only have one Cap. One card with $300.00 limit with 4 months paying off in full each month. Bought a 16 year old volvo with 245K last December. Now has 265K and blew a head. Been shopping for a car this week approved with a buy here pay here on a 2006 with 80K miles for 15K but will end up paying 22K over 4 years!
Joined here and my EQ score is 572. I found a 2012 used camry with 23K for 16k. Filled out a credit app online with the local Toyota dealership they said my score was more like 531, but they could get a deal done? Putting 2K down. What are my chances of getting approved? If I am going to have to pay crazy interest rates I much rather it be on a certified preowned toyota. 1 year with current employer. 45K income. Any advice would be appreciated!!
My Chapter 7 was discharged in August 2012. I did check the carfax report and it is clean. The only thing that scares me is it was a fleet car most likely a rental car. Only in service for 10 months but no accidents. I was thinking of getting a car for 2K, but this last year was kinda rough driving a 1K cash car for last twelve months with no air in the Atlanta summer months.
I really appreciate your response and it is very encouraging to see how you have recovered from the same thing!
btw, what was your interest rate?
An older car isn't always bad if you are looking to save money. I wouldn't go any older than 5 years from current year with limited miles and one owner.
A 2012 Camry for only 16k sounds too good to be true. Have it checked by your mechanic!