What i learned on getting a car after discharge.
1. The banks want you in a low milage car (under 30,000 +-)
2. Can not be to old. I was told nothing older the 2002 or 2001 at the oldest
3. The dealer said it was easier to get me into a newer car (big payment) with low milages then an older car with smaller payments. He could not get me into an older car with high milage.
4. You better shop for a dealer that has a "Special Finance Dept" They know how to give the banks the information to get you the best rate. They may be more creative then the regular finance dept too.
5. Yes you may need to be a little creative to get a car. I don't mean you will lie you just may need to hear the questions and give the right answer. Like "You split this rent with a room mate don't you? The bank will need to call you room mate to confirme".
6.WATCH OUT for the bi-weekly payments. One dealer slipped this in and i was almost fooled. Even when i told them to give me a monthly payment schedule they kept on forgetting this part and would again quote bi-weekly payments. Its simple math bi-weekly = 26 payments a year monthly = 12 payments a year. If you are paid bi-weekly this is not so bad. If you are paid monthly some months you will be short when the 3nd payment is due.
7. Only go out there and get a car if you need it. You will pay more and you will need to exspect this after the bk.
8. Exspect to pay a little more then if you had good credit. Yes a dealer who knows he is saving you 2% to 5% interest wants to get paid for his part.
Last I was able to get a low milage truck . $1,000.00 down and only 15.9% about $300.00 per month. Other dealers 17.9% to 24.9% had higher milage cars and most where 5 speed (stick shift).
1. The banks want you in a low milage car (under 30,000 +-)
2. Can not be to old. I was told nothing older the 2002 or 2001 at the oldest
3. The dealer said it was easier to get me into a newer car (big payment) with low milages then an older car with smaller payments. He could not get me into an older car with high milage.
4. You better shop for a dealer that has a "Special Finance Dept" They know how to give the banks the information to get you the best rate. They may be more creative then the regular finance dept too.
5. Yes you may need to be a little creative to get a car. I don't mean you will lie you just may need to hear the questions and give the right answer. Like "You split this rent with a room mate don't you? The bank will need to call you room mate to confirme".
6.WATCH OUT for the bi-weekly payments. One dealer slipped this in and i was almost fooled. Even when i told them to give me a monthly payment schedule they kept on forgetting this part and would again quote bi-weekly payments. Its simple math bi-weekly = 26 payments a year monthly = 12 payments a year. If you are paid bi-weekly this is not so bad. If you are paid monthly some months you will be short when the 3nd payment is due.
7. Only go out there and get a car if you need it. You will pay more and you will need to exspect this after the bk.
8. Exspect to pay a little more then if you had good credit. Yes a dealer who knows he is saving you 2% to 5% interest wants to get paid for his part.
Last I was able to get a low milage truck . $1,000.00 down and only 15.9% about $300.00 per month. Other dealers 17.9% to 24.9% had higher milage cars and most where 5 speed (stick shift).
Comment