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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 high mileage auto loans
- Credit crisis adds to pressures on auto dealers (The Shreveport Times)
Hundreds of thousands of new cars and trucks are stacking up on dealer lots throughout the country with potential buyers worried whether they'll keep their jobs, be able to pay for gas or qualify for a car loan.
- Dave Croft Motors files for bankruptcy reorganization (BizJournals)
Dave Croft Motors, an auto dealership in Collinsville, Ill., filed for Chapter 11 bankruptcy protection Sept. 17 listing 36 creditors it claims are owed a total of more than $4.2 million.
- Like many other Americans feeling the pressures of a troubled economy, Bonner borrowed cash from the one account he'd ... (The Flint Journal)
GENESEE COUNTY, Michigan -- After filing for bankruptcy in 2003, Ed Bonner of Mundy Township didn't know how he'd pay his monthly bills. "They'd cut overtime, and 40 hours straight just wasn't enough," said Bonner, 50. "Rent, car note, car...
- The University Times | The University of North Carolina at Charlotte's Student Newspaper Since 1949 (Niner Online)
The exact number is unknown, but I feel secure in saying over 50 percent of students at UNC Charlotte receive some form of financial aid, whether it be in the form of a loan or Pell Grant. Those 10,000 plus people are going to be in for a tough time the next time they go to fill out a FAFSA form.
- Credit Crisis Adds Pressures To Car Dealers (WCVB Boston)
Car dealers face increasing costs for the credit they use to keep inventory in their showrooms.
- Credit crisis hurting US auto dealers (The West Australian)
Hundreds of thousands of new cars and trucks that would have quickly made their way to people's driveways a year ago are now stacking up on dealer lots across America, with potential buyers worried about whether they will keep their jobs, be able to pay for petrol, or qualify for a car loan.
- Bailout doesn't calm fears (The Salt Lake Tribune)
Relief on Wall Street over the hard-won passage of a $700 billion bailout package for the financial system apparently hasn't yet trickled down to the storefronts, car lots, pubs and malls of Main Street.
- Credit crisis adds to car dealers' worries (Provo Daily Herald)
NEW YORK -- Hundreds of thousands of new cars and trucks that would have quickly made their way to people's driveways a year ago are now stacking up on dealer lots across the country, with potential buyers worried about whether they'll keep their jobs, be able to pay for gas, or qualify for a car loan.
- Americans eye bailout, and continue cutting back (Sentinel & Enterprise)
Relief on Wall Street over the hard-won passage of a $700 billion bailout package for the financial system apparently hasn't yet trickled down to the pubs, storefronts, car lots and malls of Main Street.
- Borrowing from family, friends, strangers (Bankrate.com via Yahoo! Finance)
Borrowing money from people you know or complete strangers can be better, or worse, than dealing with institutions.
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