Auto Question!

[drummer1]

I have asked this before but want to clarify....Now that our discharge is in and I did not reaffirm my truck loan, I want to turn it in but before that I really need another vehicle, I am trying to cut my monthly payment in half...Now before anyone says "why would you want a car fresh out of a BK" There are valid reasons...I need a vehicle to transport my kid to school and the doctors and everything else...so I need a vehicle...Like I said , I can keep what I have as long as I pay but at $400 a month its to much and I want to pay less...any advice here? Thanks..Bill

who will give me a loan the fastest? whats the easiest way?

[PaKettle]

Get a used Honda Civic, with under 75k miles on it, checked by a good mechanic. You can't go wrong with a well cared for Civic. As for a loan, ask around at your local dealers who might give you a loan. Here in California there is a car dealer sending me notices in the mail trying to sell me car, and I haven't even been discharged yet, they say it doesn't matter! It's perfectly valid to have a good car and pay $200-300/month if you can afford that without it holding you back in saving money, etc.. Having a bad used car can be a financial pit that you just throw money into for one repair after another!

We're paying $300/month for our car which we are not reaffirming, just continuing to pay, but it's worth it because we live in a big city with poor public transportation and one really needs a good, reliable car here. Also the $300/month inlcudes total bumper to bumper coverage for the next 5 years and road service included too. In fact, sometimes used cars with low mileage are almost as expensive as new ones, so in that case, a new one is worth it, especially if you can get lower interest.

[WantToBeDebtFre]

Just curious, have you been getting any offers in the mail? Since I filed bankruptcy I've been getting offers from dealerships on a daily basis telling me not to reaffirm my vehicle and to buy from them. They're even offering to pick me up from my house and take me there!

[teddy26]

Drummer1.....understand your situation completely. A few recommendations here for online lenders are: Capital One, Roadloans. Also, you can contact dealers asking if they deal with BK's (I found they want you to bring in a copy of your discharge letter). I would call annomyously (sp) though......don't want them to think they can take advantage of you. Also, one point......if you apply to several places within a 14 day window, it will only show on your credit report only as 1 hard inquiry. As it will be like you are "shopping around" for a car, which you are.

Good Luck!!!