Any advice? Newly disabled, post ch 7 bankruptcy, and need car

[Anonymous]

Hi all, great forum! Have a question and would live some advice. I was self-employed previously but became disabled last year. It's impossible for me to work ever again, so I'll have limited disability income to get a car with. I know Bank of America offers access loans for people with disabilities, but don't know their credit requirements. My bankruptcy was discharged last month. My credit score (credit karma) is 620. I have no credit cards or other debt remaining. I had to do a voluntary surrender of my car last year. The dealership was great, very understanding, and are willing to work with me again to find financing for another car. I'm looking at putting down at least 10% and financing the rest with as small payments as possible. I'm debating about buying a used car with higher mileage and just paying cash, or buying new/slightly used, paying 10-20%, and financing the rest. I'm very worried about car repairs on an older model car, but see the advantages of having no car payment at the same time. Whatever I get, it will need to last me at least 10+ years (though I don't drive a lot). Can anyone give me any advice? I'd like particularly to know if anyone has experience getting a car loan on a very limited ($14k/yr) income? Or experience with Bank of America''s Access Loan program? Thanks all!

[llecs]

If I had that situation, I'd pay cash. The voluntary repo along with the BK would mean that if approved, you'd have to put down a hefty down payment and pay very high interest. You'd pay thousands over the cost of the car in interest alone. What I would do in the meantime is focus on repair and within a year or so, your situation might change and credit improved where you would be in a much better position to finance. Also know that CreditKarma offers scores, but they aren't FICO scores. Definitely check your FICO scores from time to time to track progress.