QUESTION ABOUT CAR LOAN AFTER BANKRUPTCY PLEASE HELP!!!!!!!!!!!!!!!!!!

[hawaii12]

Hello every one I guess I have 3 questions that I need help with.  I just got discharge from a ch.7 and in need of  another vehicle and something that can hold my family size. The vehicle we have is giving us a lot of problems that we purchased from a buy here pay here. Its a 1994 Toyota camry with 167815 miles. We have 4 kids and in need of something bigger (looking for a 2008-2012 Tahoe or Denali something).  What I want to know is what are the chances of us getting financing for a vehicle similar to our wishes ? Second question is will they finance us a new or use vehicle?Our net income is $5,000 a month. My third question is with us coming out of a Ch.7 will the bank finance two vehicles? Yes I purchase the vehicle after filing and paying on time with a balance of $4000 and they report every month to bureaus.

[rootpooty]

you might get a better response if you post in the auto loans section. personally i think you should evaluate your finances and figure a budget on what you can afford. car payments are a pain. its seems great at first but then down the road its like ugh! that being said the window you mentioned is far too big for example 2008 tahoe mint is around 25-30k while a 2012 denali is bordering 60k. that being said not to mention gas its around 85-95 dollars to fill up a 25 gallon tank and it will only go around 350 miles so thats another factor to consider while making a purchase.

[Comet21]

You wil get financed. I am surprised that you have not received offers in the mail already. I don't think getting financed will be a problem, but at what interest rate will it be? I am going through the same thing, I am just trying to hold off as long as possible.

[hawaii12]

Thanks for advice yes it alot of gas but is need for our family.

[hawaii12]

Thanks so far no offers yet. I am so focus on rebuilding my credit it becoming a must for me.  The vehicle of my choice is very well needed with 4 kids.

[Anonymous]

I think you will have a very hard time finding financing for this. The lenders are going to look at what the vehicle is worth versus the amount the loan is for. Also, if I read it correctly, you have a balance of 4K on your car now...if you are looking at keeping that and financing the new vehicle as well...you will need a hefty down payment. If your talking the vehicles you listed....think like $5k minimum. You might be better off selling your car outright and using that money as a down payment, however, with oweing 4K and that many miles, i dont know how much over the 4K you will get....you may be under. I think you will have a much better chance purchasing a van or similar...yeah, not as luxery, but it will the hold the family. Sometimes we cant have what we want....and like previous posts...the insurance on that type of vehicle and that new...will be crazy....just out of bankruptcy...prime opportunity to retake your credit life and make smart decisions. ( The income you posted helps...but keep something in mind...lenders may look at you as a HUGE risk because you filed with a high income...may interpret that as unable to manage money....just a thought)

[hawaii12]

Thanks for the reply right now we are doubling our car note so we can pay it off early. We willing to buy a use one that is not a problem. Where we live you will need a off road vehicle cause the roads in Hawaii is not that great.

[Anonymous]

Personally, it sounds like more of a want than a need.  If I was in your shoes, I would find out what a payment would be on that type of vehicle, including the mark-up with the gas, insurance, and upkeep.  Set that much aside for the next six months.  See if me and my family could afford to budget that much money.  Then if you can afford it, you have six months of a down payment set aside.

I did a BK almost 10 years ago.  I learned that I needed to do things differently.  If I didn't, I was going to end up in the same place again.  Perhaps your shopping for the wrong vehicle.  Maybe you could fix the one you have.  Trade it in for a van or something that gets better gas mileage.  Have a emergency fund saved up first.  Why would you want 2 car payments?  Plus you would have to keep full-coverage insurance on it.  Think smart.  Just because you have 4 kids doesn't mean you have to drive a huge vehicle!  Look around, tow companies sell vehicles, shop craigslist.  Cash is better than finance!

[Anonymous]

The longer you wait after your BK the better!  Why not wait until you get your tax refund next year.  When I purchased my vehicle after my BK.  I purchased a $9,999 vehicle.  My payments were only $195/mo.  I put down $4,000 and financed the rest.  At a credit union!  It helped rebuild my credit.  More importantly, I knew I could afford the payments!

[hawaii12]

Thanks for you reply to me question we have did our budget and we already know that we can afford this car note,insurance and gas and still have savings that will not be a problem.  Right now our car note is 250 but we are about start paying 1000 a month to pay it off early