Doomed - I seriously value BTS's advice. She's a huge advocate of sensibly rebuilding your credit after BK. I'm in the same boat that you are and will be purchasing next month.
I think that you can get a safe car for cash, depending on how much you have, such as a Volvo. However, I feel better having a warranty and although I won't be buying brand new, I don't want an old clunker either (I just don't). IF you feel that financing a small amount to get a safer car would be better for you and your son, then by all means, do so. But be sure to give yourself options, and have a Plan A, B, and C.
I received some great advice in another thread that I'd like to share. Right now, I have a few thousand saved up. So, someone suggested that I find a car in my price range (my chosen one is a Toyota Prius), apply for financing, put down a small amount and then for the first payment provided there is no prepay penalty, make a large payment, thereby getting a few months ahead on the car payment. That gives me a cushion of a few months so that technically I won't fall behind on payments, because I'll still be paying every month after that first large payment---plus making a few extra payments here and there.
So, find something safe, economical and sensible...maybe an XC90 or a Camry, to tote your precious goods around, while still rebuilding your credit.
I think that you can get a safe car for cash, depending on how much you have, such as a Volvo. However, I feel better having a warranty and although I won't be buying brand new, I don't want an old clunker either (I just don't). IF you feel that financing a small amount to get a safer car would be better for you and your son, then by all means, do so. But be sure to give yourself options, and have a Plan A, B, and C.
I received some great advice in another thread that I'd like to share. Right now, I have a few thousand saved up. So, someone suggested that I find a car in my price range (my chosen one is a Toyota Prius), apply for financing, put down a small amount and then for the first payment provided there is no prepay penalty, make a large payment, thereby getting a few months ahead on the car payment. That gives me a cushion of a few months so that technically I won't fall behind on payments, because I'll still be paying every month after that first large payment---plus making a few extra payments here and there.
So, find something safe, economical and sensible...maybe an XC90 or a Camry, to tote your precious goods around, while still rebuilding your credit.
MAKE SURE AND VISIT Tobee's Blogs!
Comment