@Anonymous wrote:
Hello everyone,
I'm trying to get some info on this question. I just got out of bankruptcy about 4 months ago(Discharged 4 months ago) and I wanted to know if I could get a $35,170 loan for a new car. I will be making a down payment for $7,000 on the car which will drop it down to $35,170 with tax, title, fees, etc. included. So the final price is $35,170. My current credit score is 523. I have been reading up a lot online and many say that yes I would be able to get the loan but the interest rates will be high. I want to be paying $590 per month for this car and based on $35,170@6.0% of interest is $583 a month for 72 months. I live with my brother and we split the rent of the house and he pays for all the utility bills except for electricity. Everything is under his name. So I basically pay $600 for rent and 200 for electricity. That is all the bills I have plus my phone which is $100 a month. I currently make close to $40,000 a year(Gross).
-----(portions of your post deleted)
All I care about is paying no more than $590 per month. I plan to keep this car in the family for years, well after it has been paid off. So with that being said, can I even extend my loan from 72 to 84 months just so that I can fall in that range of $550-$590 per month?
I would appreciate any advise you can give.
Thank you in advance.
Most of us were responding to your intial post where you said you make almost $40k gross per year.
Later in the thread you indicate that you are married and you and your wife make a combined income of $85k per year which is a different circumstance altogether.
It is a good thing to put down a large down payment.
It is also not a bad thing to buy a decent car - but timing is critical.
You are shaking your head, but those of us that are responding to your posts are also 'smh' over jumping right back into debt immediately after your Bk discharge.
But then in your last post you compare buying a $200k home with buying a $35k car and those two items just don't compare at all. First, you can't jump into a mortgage a couple of months after discharge on a Ch 7. Secondly a home has the ability to increase its value - a car does not. You can naturally do as you want - but don't compare an asset (property) to a liability (car). Just understand what you are doing. It really doesn't matter to us. We are just pointing out potential pitfalls based on your original post and some subsequent info you have provided. Ulitimately the decision and the consequences are yours. Good luck.
