Hmmm. I agree with Revelate, but when I was in your spot, I did it very differently.
I drove a 1993 Ford Escort until 462,000 miles worth of a blown head finally caught up to me. I limped it into the local Ford dealership with smoke pouring out of both ends, literally.
With no established credit and a two year old BK.
I drove out in a used 2007 Focus (in late 2007) and a 23% interest rate.
Six months later, I refinanced at 18 %
Six months later, I was hoping to refinance down to 12% or so, and got 6.9%.
When you get so afraid about your cars reliability that it starts costing you sleep, I say bite the bullet, get the "less than ideal" loan and make your payments ON TIME, then refinance later!
