Auto Insurance Low Down Payment
Has anyone financed a automobile after Bankruptcy ?
If you just where discharged through Chapter 7 , and would like to get an automobile loan , what are your best options ? Take over payment type of place ? Is there a certain Interest rate ? Like no lower than 18% or it all depends on where you go ?
Say a auto loan or financing a $4000.00 car , with no money down.And you are on Unemployment and receiving $1066.00 a month . And the most you can pay a month for the car AND insurance is $200.00.
Would my friend be s**t out of luck ?
Thanks
It would be extremely hard to get financing for a discharged ch7 bankruptcy in today’s market. Even though now is the time to buy a vehicle, lenders want to have a reasonable expectation of being paid on their loans. Having a ch7 bankruptcy on your credit report isn’t the kind of thing that’s going to get you 11.00% financing. I’d say your friend is SOL on this one.
