Zero down payment car loan?

[cumulus32]

I am looking at getting a new Ford Focus from the dealer.

It has been 60 days since my 341 meeting and should be getting my discharge papers soon.

1. When I get my disharge papers, I can apply for a loan right away correct?

2. Most people have luck going through Capital One Blank Check. Should I go through them first or the dealer. The thing I like about the Cap One blank check, is that you do not need a down payment, as it covers everything up to your approval rate. Something that is very important to me.

[mikemike]

I doubt you will get a loan with no money down...You can apply but look at ur credit score as well...i just checked my credit score and is 595 and got denied online for the capone loan...ive seen people get approved but is hard

[Confused33]

I don't mean to be a pessimist but you're PROBABLY not going to get 0 down right at discharge.

[mom2three09]

My only advice would be to join a local Credit Union, if you can. Getting approved right out of BK is going to be verrrrry hard. Not impossible, but definitely more difficult than if you were to wait a year post-BK.

[HHM]

From a purely financial perspective, you should NEVER pay zero down for a car purchase. At a minimum you should come out of pocket the taxes and fees. Also, I question the judgment to buy a "new" car. Generally speaking, a good 3 year old car with low to average miles is a better financial move.

My point is, why bury yourself in a new car right out of BK, especially since the terms of the loan (assuming you can get one with zero down, not likely) are going to be particularly poor.

You haven't posted very much so I don't know your back story, but what your planning represents the short sighted decision making that gets many people into BK or financial trouble in the first place.

[sunkinsc]

Crazy thought but

if I am filing bankruptcy where the hell would I come up with a down payment???? If I had the down payment I wouldn't be behind in my current auto.

Just sayin, peple don't file bankruptcy with money in the bank to plunk down on a car. And if they do then they shouldn't be filing.

[HHM]

Without the debt, you can begin SAVING.

Time to start PLANNING for purchases instead of relying on credit.

[tigergem]

Shoot, the last time I bought a "new" car, I got the previous year's model that the dealer hadn't been able to sell because it had manual windows and no CD player. lol. The car had like 500 miles on it, and I got it for half the price of the current year model. And I drove it for 15 years! If I hadn't been a dum@ss I would have just dropped a new transmission in it and still be driving it. What is the advantage to having the "right now" model?

[StartingOver08]

Without the debt, you can begin SAVING.

Time to start PLANNING for purchases instead of relying on credit.

This is why we are all here. It feels great to not have any payments for debt. Keep it that way ...don't buy a new car.

[ROB37LAW]

This is why we are all here. It feels great to not have any payments for debt. Keep it that way ...don't buy a new car.

Used cars only from this point forward. Let someone else take on the depreciation.

[Mi Bankruptcy]

[sunkinsc]

Agreed

This is why we are all here. It feels great to not have any payments for debt. Keep it that way ...don't buy a new car.

But finding the money for a down payment is proving hard to find. Caught in a tough spot since we need cars to get to and from work. Wife has been out of work since September but starts back May 1st and once that happens we will finally be able to save save save but without a car to get to work it can't happen

[Christina83]

Toyota fresh start told me I could get a car with ZERO down and I just filed May 18, 2010. I told them no thanks for right now!!!

[tigergem]

Toyota fresh start told me I could get a car with ZERO down and I just filed May 18, 2010. I told them no thanks for right now!!!

Zero down and 243% APR?

[Christina83]

lol!!! 24% apr and the car is $9300
2008 ford focus or $10,300 for a 2007 ford taurus