My wife gave up her car during the bk process because of cross col lateralization and we are looking to get my wife something after discharge. I would prefer to wait but my wife needs to start driving a little more because her mother is sick and I cannot take time off work, and I work 45 miles in the opposite direction.
We went to a few dealerships and they told us it would not be a problem to get us financed the day after discharge. All we needed was the discharge papers, which we are waiting for. However I am wondering what interest rate we will get or need to put down. I would prefer to put 5k down, but we could go as high as 8k right now. I know whatever we get we will need to refinance in about 12 months. But I am now worried that since I let two cars repo because of the BK and the fact that about half my accounts on my credit report are not listed as IIB yet that we may get really shafted on the interest rate. I am ok with say 13.99 but not 21.99%.
I prefer used but there are some really good incentives on new cars right now and the dealers told us we could get better rates on a new car because lenders prefer them to used cars.
Anyway any input would be appreciated.
We went to a few dealerships and they told us it would not be a problem to get us financed the day after discharge. All we needed was the discharge papers, which we are waiting for. However I am wondering what interest rate we will get or need to put down. I would prefer to put 5k down, but we could go as high as 8k right now. I know whatever we get we will need to refinance in about 12 months. But I am now worried that since I let two cars repo because of the BK and the fact that about half my accounts on my credit report are not listed as IIB yet that we may get really shafted on the interest rate. I am ok with say 13.99 but not 21.99%.
I prefer used but there are some really good incentives on new cars right now and the dealers told us we could get better rates on a new car because lenders prefer them to used cars.
Anyway any input would be appreciated.