Bankruptcy And Credit Reporting
What kind of interest rate will I get on a car loan with a bankruptcy on my credit report?
Filed for Chapter 13 in 2004, will make my last payment to the trustee in 1 month and am in need of a new car. What kind of interest rate will I be looking at? How much of a down payment will I need? Is it possible to get a brand new car instead of used? Any info is appreciated!
You might be able to negotiate a rate that drops each year…. if you make all your payments on time. I could picture a dealer giving you 9.9% first year, 8.9% 2nd year, 7.9% 3rd year.
There is also a small chance that a new car dealer might wait 1 month until you have made your last payment to the trustee and give you the special Zero Percent interest rate just to move a car off the lot. You would have to buy one of the least popular cars on his lot. One that has been sitting for 11 months unsold. No one is buying the big SUV’s.
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