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Carvana 5.90% -- Is this a "good" rate?

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Carvana 5.90% -- Is this a "good" rate?

I'm 5 months post-BK7 discharge. The car that I didn't reaffirm is on its last leg, so I'm looking for a newer-ish car. I like this car I see on Carvana -- 2016 BMW 650i Coup. I did the pre-qualify for Carvana and the terms came up:

  • 5.90%
  • 69 months
  • $1000 down

Is this a "good" rate given my recent credit history?

Message 1 of 10
9 REPLIES 9
Valued Member

Re: Carvana 5.90% -- Is this a "good" rate?

@toi34
For a Ch7 Discharge that’s an OK rate, but it is also relative to what the rest of your profile and stats are as you are rebuilding You could go with that offer for a year and refi or shop around now to see a comparison maybe a CU.

But Congratulations 🎊🎉🎈 on the Discharge
And you’re in the right place for Great Feedback
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Message 2 of 10
Valued Member

Re: Carvana 5.90% -- Is this a "good" rate?

My opinion on your direct question... Yes, that's a good rate. Grats!

 

My follow up opinion otherwise even though you didnt ask and you may already be aware.... You will pay more at Carvana then most lots or private sales, and the BMW will cost more to maintain over the life of the car. Suggest Honda, Toyata, Kia (again, my opinions) and a private sale with a solid carfax and pre-purchase inspestion from a 3rd party mechanic. 

 

Sorry if TMI

 

 

Message 3 of 10
Senior Contributor

Re: Carvana 5.90% -- Is this a "good" rate?

Car dealers are thieves, they should all go away, in my opinion.

 

Their only job is to rip you off for as much as they possibly can.

 

Carvana and such are the wave that will finally drown them.

 

Again, my opinion.

 

That's a great rate for your situation, OP. Congrats.

Message 4 of 10
Super Contributor

Re: Carvana 5.90% -- Is this a "good" rate?

Better than mine and I don't have a BK.








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Message 5 of 10
Community Leader
Valued Contributor

Re: Carvana 5.90% -- Is this a "good" rate?

I would say that’s pretty good based on what you told us.

One thing: generally I can’t stand when people answer questions that weren’t asked lol but I want to second what the other poster said about getting that car inspected if possible. BMWs can have their fair share of problems. (Expensive fixes!) I speak from personal experience and I’m still paying for my last mistake!

Good luck and enjoy the new car!
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Message 6 of 10
Super Contributor

Re: Carvana 5.90% -- Is this a "good" rate?


@pinkandgrey wrote:
I would say that’s pretty good based on what you told us.

One thing: generally I can’t stand when people answer questions that weren’t asked lol but I want to second what the other poster said about getting that car inspected if possible. BMWs can have their fair share of problems. (Expensive fixes!) I speak from personal experience and I’m still paying for my last mistake!

Good luck and enjoy the new car!

Carvana gives you like 7 days and 300 miles to drive the car. You can return it or exchange the car in that period. It also allows you to get it checked out. If something is found that they missed, you can have them pay to fix it or negotiate it into the deal.








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Message 7 of 10
Community Leader
Valued Contributor

Re: Carvana 5.90% -- Is this a "good" rate?

OK rate??

 

That is very good rate fresh out of BK!!

Message 8 of 10
Valued Contributor

Re: Carvana 5.90% -- Is this a "good" rate?

Great rate, but I wouldn't buy an upper-tier BMW that old.  

 

It's going to be nearly 11 years old when you're wrapping up the payments on it . . you'll already be encountering major maintenance bills by then OR even if you don't keep it nearly that long, you'll be underwater on a loan so long.

 

(I drive a 12 year old German car and let me tell you it's not for the faint of heart repairs/maintenance wise! LOL)

 

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Message 9 of 10
Frequent Contributor

Re: Carvana 5.90% -- Is this a "good" rate?

For 5 months past bankrucptcy that is a very good rate. 

Message 10 of 10
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