Can I get a car loan of $35,170 after bankruptcy?

[dabrian]

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@Anonymous wrote:

I will be paying $632 a month for it. It was originally $621 but 11 more was added for the GAP insurance. For the car that it is, the price, and my situation I think I came out with a great deal. I was so worried I was not going to get the deal I wanted. I really wanted to be around 6% interest but after reading some comments here Ithink it was too much to ask. So i just went with the 8.4

Cant wait to get my car.

It will be a long 2 to 3 months of waiting. That is when my new baby will arrive to the dealer

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Why add a GAP policy when you put 7k down?

[EddieK]

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@0REDSOX7 wrote:
So with you waiting a few months, how does that work with financing? Do you start paying now or wait until it comes in?

Just curious how all that works.

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I'm curious to that as well.  The one and only car I've ever ordered(C5) I was required to put down $1500 and they didn't even want to run financing at that time.  When the car came in, that's when we ran the credit app..

[TnTNYC]

Not to judge, just going to be real with you.  Out of BK 4 months and considering an auto loan with a principal of nearly 100% your modest income?  And a vehicle price that is >100%?  Financial suicide in 3..2..

[StartingOver10]

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@TnTNYC wrote:

Not to judge, just going to be real with you.  Out of BK 4 months and considering an auto loan with a principal of nearly 100% your modest income?  And a vehicle price that is >100%?  Financial suicide in 3..2..

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^^^Agree.  Better to get on your feet first. If you need a vehicle, set your sights on something less expensive. I bought a cheap SUV for two years. It was a nice looking beater and then two years after my Bk discharge, got something nicer, with payments.

I know many come here to discuss getting a vehicle right away after discharge. But the most important thing to do after your get your discharge is to beef up your savings and come up with a livable budget to keep from going down the Bk road again.

[Anonymous]

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@TnTNYC wrote:

Not to judge, just going to be real with you.  Out of BK 4 months and considering an auto loan with a principal of nearly 100% your modest income?  And a vehicle price that is >100%?  Financial suicide in 3..2..

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After all my bills are paid including the car and expenses I am left with about 2,100 dollars a month in my household(Give or take).

So how exactly is it that you see a financial suicide in 3..2..????

Listen, the only reason I filed BK was because I had years of piled up credit card debts which I missused as I was a teenager and into my 20's.

I had more than 40,000 dollars in credit card debts. I had a total of 6 credit cards. And in most of them I was paying more than 200 dollars a month. 

And even then I was able to pay for them but it was at a point where I was not able to save up any money and was living check to check.

I am debt free and the only debt that I am looking to get into right now is the Auto Loan which I can afford with ease and still have plenty of money left.

Just cuz the car is worth 35K does not mean that anybody should not get it. I say if you are able to afford a 35K car and are sure that you will have plenty of money left in the bank then by all means go ahead and get that car if that is what you want. It doesn't have to be a car, but anything it is you want. You only live once my friend, so try to have things in life that make you happy, just as long as you know you can have them and have that extra left over.

But yes, if you get a 35k car and are living check to check then yes, I would agree with you that it is insane and a financial suicide. But this is not in the position I am and are not looking to get into.

When I was a teenager I wanted and got things I knew I could not afford, this is what got me overwhelmed with debts and why I filed BK. Now I am getting things I know I can afford and take proper steps to fulfill my debts one step at a time. 

[barbaralee]

I think the other poster is right, you are headed down the same path. A lot of people who file for BK end up in the same debt that they discharged just a few years later. This is screaming poor budgeting, planning, and "omg, I gotz moneys, time to spend". No offense, it is just how it appears.

Here is the situation how it is presented: your living arrangements are questionable, you income barely exceeds the price you want, 3 years at a job (meh), sounds like you based your deal on payments rather than actual car price, and you seem misinformed on things you should know: you can't file for BK for another 8, not 7 years and why did you purchase GAP insurance when you put 20%  down?? I don't know about the financing part two months in advance, either. All in all, sounds pretty shaky.

[pipeguy]

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@Anonymous wrote:

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@TnTNYC wrote:

Not to judge, just going to be real with you.  Out of BK 4 months and considering an auto loan with a principal of nearly 100% your modest income?  And a vehicle price that is >100%?  Financial suicide in 3..2..

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After all my bills are paid including the car and expenses I am left with about 2,100 dollars a month in my household(Give or take).

So how exactly is it that you see a financial suicide in 3..2..????

Listen, the only reason I filed BK was because I had years of piled up credit card debts which I missused as I was a teenager and into my 20's.

I had more than 40,000 dollars in credit card debts. I had a total of 6 credit cards. And in most of them I was paying more than 200 dollars a month. 

And even then I was able to pay for them but it was at a point where I was not able to save up any money and was living check to check.

I am debt free and the only debt that I am looking to get into right now is the Auto Loan which I can afford with ease and still have plenty of money left.

Just cuz the car is worth 35K does not mean that anybody should not get it. I say if you are able to afford a 35K car and are sure that you will have plenty of money left in the bank then by all means go ahead and get that car if that is what you want. It doesn't have to be a car, but anything it is you want. You only live once my friend, so try to have things in life that make you happy, just as long as you know you can have them and have that extra left over.

But yes, if you get a 35k car and are living check to check then yes, I would agree with you that it is insane and a financial suicide. But this is not in the position I am and are not looking to get into.

When I was a teenager I wanted and got things I knew I could not afford, this is what got me overwhelmed with debts and why I filed BK. Now I am getting things I know I can afford and take proper steps to fulfill my debts one step at a time. 

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I really don't mean to be dumping on you, but I've been there - I've livied high with all the toys and I've been very close to being homeless after my 20 year old  business crashed and burned (so to speak). I'll save you the details, but I lived "poor" for years working 3 p/t jobs to fight my way back and refused to file bankruptcy for several reasons, mostly because it was the easy way out. 

I strongly agreed that you are being foolish to "invest" or dedicate $1000 plus a month to a car because you want it rather than need it. Cars cost more than loan payments (insurance, gas, repairs, taxes, etc.).

Based on your post, you don't have your own place - you live with your brother - are you going to stay there for the 6-7 years it takes to pay off your car?

What I find troubling is what you wrote as your reason for declaring bankruptcy - reading your words, it was just too "difficult" living up to your responsibilities after "foolishly" spending $40,000 on credit cards - so you bailed on your debts and now your are "debt free" and looking to spend a years pay on a car AND getting defensive when folks here suggest that it's not a good idea.

Based on your posts, I don't think you learned a thing about financial responsibility and I also think that you'll ignore those that suggest caution and buy that shiny new toy. No one here is going to change your mind.

Best of luck....  

[Justine_Alpha]

I bought a 30k car this last winter on ~37.5k gross.

Car :450

Rent : 550

Electric :50-100

Phone: :100

Internet :70

Gas:100

Insurance :85

Anything else: ~200

I save maybe 300-600 a month depending on ot.

Being single skews your reality on budgeting. Don't plan on kids or any responsibility other then yourself for 7years.

[Anonymous]

Thanks for the reply Justine.

[juggalo9er]

just buy the car....i do not think you were looking for advice or will take any given! i would not personally suggest it at all but gl if you do it