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Auto Loans Should You Buy a New or Used Car After Bankruptcy?
Getting an auto loan after bankruptcy can help you to get your credit back on the right track. However, you will want to make sure you choose the auto that's right for you and your current financial situation. This article answers the common question: Should you buy a new or used car after bankruptcy?
When shopping for a vehicle, one of the hardest decisions to make is whether to buy a new car or a used car. This is especially true after filing for bankruptcy. You want to make sure that you purchase a vehicle that is a worthy investment, but you also want to avoid payments that are so high they could get you back into financial trouble. Here are two tips that may help you make the decision:
Consider the Rates You Will Pay on a New Car vs. a Used Car After Bankruptcy
Anytime that you take out a loan, you are required to pay interest on the money you borrow. The interest rates you pay after filing bankruptcy are typically higher than average interest rates. This can sometimes make the total amount that you pay for your car over the life of your auto loan higher than the car's value. In other words, you run the risk of purchasing a bad investment.
To make sure this doesn't happen, you will need to consider the interest rate you will be paying in addition to the purchase price of the car. There are many auto loan calculators online that can do the math for you. Be sure to make comparisons on rates for both new and used cares before making any decisions.
Make Sure You Can Afford the Payment
Because new cars are so expensive and average a purchase price of over $20,000, payments can be quite high. Used cars, on the other hand, have lower purchase prices and can be much more affordable on a monthly basis. However, used cars are often devoid of any warranty, so you run the risk of buying a lemon. No matter what you decide to do, the bottom line is that you need to make sure that you can afford the monthly auto loan payment. The goal of an auto loan after bankruptcy is to improve your credit, not make it worse.
For a list of recommended After Bankruptcy Auto Loan Lenders Online, visit http://www.abcloanguide.com, an informational website about various types of loans.
More Useful Resource and Updates on comparing used car loans
- Color of Money Book Club (Washington Post)
Personal finance columnist Michelle Singletary hosts a discussion with Gary Weiss, author of "Wall Street Versus America: A Muckraking Look at the Thieves, Fakers, and Charlatans Who Are Ripping You Off."
- VIDEO: U.S. Devil Soldier in Iraq Hails Satan (Indymedia Chiapas)
Here a Marine claims ungodly evil intentions for Lucifer. But, I will explain: why do YOU think Satan/Devil ect.. would damn evil bushite all to Hell GONE from any as God.. For Love?
- Lenders to the motor trade shut up shop (Bunbury Mail)
CAR DEALERS are the latest casualty of the credit squeeze after two of the country's main vehicle lenders stopped writing loans, and one also scaled back finance for small businesses and home mortgages.
- Bumpy Ride For Mortgage Rates (Local 12 Cincinnati)
Dan Brady: Best time in 30 years to buy a home
- Teen charged with dangerous driving over Topsail Road collision (CBC Newfoundland and Labrador)
The Royal Newfoundland Constabulary is charging a young man with dangerous driving following a collision Thursday outside St. John's that sent two people to hospital.
- Liberty County has over 13,000 registered for FEMA (Cleveland Advocate)
As of October 9, 1008, Liberty County has 13,295 people registered for FEMA assistance.
- Co-signer's options: 'bad' and 'worse' (Bankrate.com via Yahoo! Finance)
If you co-sign for a loan and things go bad, your options may be "bad" and "worse," says Dr. Don Taylor.
- Five Financial Fitness Tips (Carteret County News-Times)
(ARA) - The economy's recent rollercoaster ride may make you feel like shouting "I want to get off." But while you can no more seize control of the national economy than you can exit a rollercoaster car mid-way through the ride, it is possible to take control of your personal economic situation.
- Refinance budget-busting car payment (Bankrate.com via Yahoo! Finance)
A car owner with a 20 percent loan should refinance, says Bankrate car columnist Terry Jackson.
Comparing prices of used cars
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