Lousy car deals

[Geeznowwhat]

I do not need to get another car right now. But, that time is coming fast. My current car has over 200k...and nothing is forever.

So, I have been researching and learning everything I can on the topic of buying a car after BK. I have been saving money as much as I can. If I had to buy today, I could put $5k down. I have been looking at a vehicle that KBB says is worth $15k in excellent condition.

So, here is the central issue. Everywhere I have looked would only give me a loan if I buy from their designated dealers. Looking at just those dealers I am finding that not only is the loan interest a bad deal (to be expected) but the price on the cars is WAY over KBB. Plus, none of the dealers have what I want.

So...do I really have no option except to pay way too much for the car, and pay high interest! Lousy deals everywhere. I can buy the exact same car from a private seller for thousands less.

So, is there anywhere I can get a car loan that I can actually use to pay a fair price for a car?

[spidge]

I think they are attempting to pull the wool over your eyes in price and interest. There have been many stories here about good deals so hopefully those who have first hand knowledge can come on and share. Your down payment should be a great advantage as many go in with little to nothing and you cannot file BK again for some time.

We didn't even try on our last two cars that resulted in purchases based on insurance payouts during our CH13.

[bcohen]

So...do I really have no option except to pay way too much for the car, and pay high interest! Lousy deals everywhere. I can buy the exact same car from a private seller for thousands less.

You just said that you have $5,000 available, so you definitely have options here. First of all, you could choose to keep your current car alive, which is probably your best option if the body and interior are still in decent shape. Second, you could buy a decent used car outright for a lot less than $5,000 and still have money available to cover any repairs or deferred maintenance that might be required. Third, you could just wait a year or two, because as your bankruptcy ages, you will be able to obtain a loan on more favorable terms.

[Geeznowwhat]

So, the answer to my question is no. There isn't anywhere to get a loan that will allow me to find the best deal for the vehicle I am looking for

In the past, I have brought a used car only 2-3 years old in excellent condition. Took good care, and got 10-18 years of service with little to no maintenance issues. This is what I need to do again. I am in a position right now to save every dollar I make, but that will not last much longer, and once I am on a fixed income I will not have the ability to pay high repair costs, or save to purchase. Over the last 4 months this current car cost me $500 for a new starter, and $800 for rear suspension work and replacement of bushings. The front needs doing, and the breaks need replacing soon. I know this is not untypical for a car this old with this mileage. I could not afford this now if I had to pay rent, utilities, etc. which right now I do not have to be paying. This will change this year. I can afford $250 monthly in payments...but only for a good solid car.

To buy a car which is going to require repairs like this is not doable. I need a solid, reliable car for the next years. Not a cheap high mileage car that is going to strand me. I have that now, and it is preventing me from saving much more than I am.

I expect this situation will change, but I cannot predict when. I need to be planning ahead. Unlike a younger person, I can expect that my job prospects are very slim at my age. I have a few options, but all will require I be mobile and reliable.

I guess I have to keep putting my savings into repairs, and hope I can get a loan next year...before the car dies totally. Hope I still have savings then too.