I have $600 in my bank saved up for my new USED car. Would i have a better chance of getting financed if i had more money to put down? or does that not truly depend on if you get approved or not?
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Filed Ch 7: 4-24-08
341 meeting: 6-3-08
Last day for objections: 8-4-08
Discharged: 8-6-08
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I would like to know the answer to this also as we will be in need of a newer used car before the end of the year. -
It does help to have something down, but having nothing won't exclude you from getting financed.
When financing a vehicle after BK, it's likely you'll be hit with a high interest rate, and usually soon after, you're upsidedown because of the vehicle's depreciation. That is why something down is beneficial. At the very least, you would want to cover the tax, title and license costs with your down payment.Bankruptcy History:
Chapter 7 filed - 10/12/2005 - Asset
Discharged - 02/16/2006
Case Closed - 11/08/2007
A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain
All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.Comment
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