Re: Toyota Fresh Start

Posted by Valarie (67.42.204.181) on July 29, 2004 at 14:45:40:

In Reply to: Toyota Fresh Start posted by GaPeach on July 29, 2004 at 09:59:46:

Hello, I have some helpfull info possiably.
First off you may not beable to finance that new vehicle until your bankrupcy has been discharged.This is when the judge basically signs your papers and completes the bankrupcy process.
Then you wait 7 years before it comes off your credit report, which even then you must request it to.
However I did something like you did, I finaced a used car about 3,000 paid that off over a years time at 21% intrest. Then we sold the car went back and put 1,000 dollars down and walked away with a 14,000 new car, and a intrest rate at 19%.
Its a good start to rebuilding credit.
However the downside, the intrest rate which means that you will be upside down in the loan for quite awhile. Which means if you ever needed to sell the vehicle to get out from under it, you may have to put out allot of cash to get out from under it.
However about 3 years on a car that you have left on a loan considering you took out a 5 year loan to keep the payments okay and comfortable because of the intrest. You can talk to the company or another company about refinacing it and getting a lower intrest, thus payments on time with no problems over payments on your account! I hope this helps.

Follow Ups:

Post a Followup