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Established Contributor
Posts: 930
Registered: ‎10-02-2007
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Is it possible to get a better APR...

[ Edited ]


Back in 2006 I financed a 36k MB interest rate was like 9.2

I had high utilization but no baddies everything paid on time


6 years later I have a bk from 2009, discharged, but will appy for a car loan with 2 % utilization and a huge down payment 15k on a 51k car

whereas in 2006 I think I only put down 3k on a 38k car


Is it entirely possible I will get a lower APR low because of my low utilization and large down pmt or no because the BK is now on my report and the bk will weigh leavier??




Established Contributor
Posts: 560
Registered: ‎09-29-2012
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Re: Is it possible to get a better APR...

Could I maybe suggest something?


ROI anyone?



Whether your car back in 2006 was new or old has no bearing on my point.  38K is a lot to spend on a car.  You make decent money.  That should assume you understand ROI.  


I have friends who make more money than you and keep their cars (expensive cars) much longer than you seem willing to do.  (even tho, i believe your car was IIBK)


Is this a case of keeping up with the Jones?


38K in 2006, repoed in 2009, Lexus lease in 2010, now 51K car in 2012 (almost 2013).



I don't mean for this to come out the way that it probably sounds, but these forums are meant to help ppl.


Maybe less of a car is what you need?  Or perhaps a leased car (since high end cars and high end cars every few years is what you like) would be better fit?


My point is that we would hate to see another BK and another Repo for you.  It is okay to purchase a car that is less than what Mr. and Mrs. Jones has.

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