Declined

[HHM]

Well, here is a novel thought, there is another way, if you want a 15K newer car, SAVE 15K.

[braincramp]

As a former mechanic I can tell you there are no guarantee's you won't have issue's with a 15k-20k car also. Research different Models reliability reports and you can still find a good car with 100,000 miles on it that will serve you well for another 50-100,000 miles. I'd rather do that than have a car loan where I'm paying crazy interest because of a poor credit score.

[Exployer1234]

I don't see used cars as a piece of junk. Before you buy a used car you should go and have it looked over to make sure everything is okay. A friend of mine just bought a used car that was one owner and less than 100,000 miles for 5K. He sold his other car for 5K. The car is super nice. You just have to look for the deals. I have 19 year old car that is still running. It has 235,000 miles on it. I just keep the maintenance up on it.

[disconapper]

I haven't even filed yet and I'm looking for a used car to purchase after discharge. Just browsing at this point to see what's out there. Believe it or not, Ebay has some decent stuff. Just be sure the vehicle can pass your state inspection, doesn't need major repairs etc. I really think there are plenty of good "gently" used cars out there that buyers can pay cash for.

[IBroke]

So I need both of them! How much is that a month?

About $40/month total.

[daxtell]

i drive a 95 jeep i paid 750 for almost a year ago. it has been a good daily car this whole time. i did have to replace a starter and an oil part i can't remember which. i also replaced a side small window that was broken because someone broke into it overnite once thru the window, popped the hood and STOLE my battery. ha ha.. i was dumbfounded.

so then i thought someone must have needed that battery more than i did... but now after i got a new one i do not have to worry about that breaking ! ha ha..

[HHM]

No one is saying you have to have a "Cheap" car, all we are saying is that you should pay cash, no matter what because there is no financial math, no matter how creative you try to be where having a car payment is somehow more advantageous than simply owning a car.

Buy the "need", not the desire. The "need" is transportation. Trust me, I get very tempted, especially now that even lower end cars have all sorts of techno gadgets. My plan is to buy a 2010 Ford Fiesta, fully loaded, about 2 years from now

[HHM]

No one is saying you have to have a "Cheap" car, all we are saying is that you should pay cash, no matter what because there is no financial math, no matter how creative you try to be where having a car payment is somehow more advantageous than simply owning a car.

Buy the "need", not the desire. The "need" is transportation. Trust me, I get very tempted, especially now that even lower end cars have all sorts of techno gadgets. My plan is to buy a 2010 Ford Fiesta, fully loaded, about 2 years from now

[espo1357]

No one is saying you have to have a "Cheap" car, all we are saying is that you should pay cash, no matter what because there is no financial math, no matter how creative you try to be where having a car payment is somehow more advantageous than simply owning a car.

Buy the "need", not the desire. The "need" is transportation. Trust me, I get very tempted, especially now that even lower end cars have all sorts of techno gadgets. My plan is to buy a 2010 Ford Fiesta, fully loaded, about 2 years from now

That's my guy!

Scotch at night and the Fiesta at day!

Serioulsy, I think you are correct in not financing. I just want to make the point the a new car is often worth it, when you consider the importance of having reliable transportation and the saftey of a new car and the savings from not breaking down.

Then again, I am down on used cars because I have had lots of bad luck with them.

[NoMoreCards]

Right after discharge, I bought a used/cheap/older car with 104K miles on it. I am still driving it today (1.5 years later) at 153K miles. It is 17 years old (93 Grand Marquis), and I drive 70+ miles daily. I haven't had to repair anything, and the old "granny mobile" is running great. I love not having a car payment. Granted, it isn't pretty, fun or sporty but I would drive it across the country this second and feel reasonably confident that I would not have any problems.

The best part of it all is no car payment, and cheaper insurance because it does not need full coverage, only basic.

[disconapper]

Right after discharge, I bought a used/cheap/older car with 104K miles on it. I am still driving it today (1.5 years later) at 153K miles. It is 17 years old (93 Grand Marquis), and I drive 70+ miles daily. I haven't had to repair anything, and the old "granny mobile" is running great. I love not having a car payment. Granted, it isn't pretty, fun or sporty but I would drive it across the country this second and feel reasonably confident that I would not have any problems.

The best part of it all is no car payment, and cheaper insurance because it does not need full coverage, only basic.

That's what I intend to do as well NoMoreCards. My car has literally bankrupted me, or it's one of the major reasons since I took a huge paycut. The thought of paying a car payment each month makes my stomach turn. When I spoke to the attorney about my car, he gave me a referral to a finance company about getting a new one, I almost passed out on the spot. LOL, ok, not literally. But I did say, "Hey, let me learn what it's like to have no debt before I acquire new debt again." I just hope I can find a cheap, reliable used car.

[SweetGirl]

Right after discharge, I bought a used/cheap/older car with 104K miles on it. I am still driving it today (1.5 years later) at 153K miles. It is 17 years old (93 Grand Marquis), and I drive 70+ miles daily. I haven't had to repair anything, and the old "granny mobile" is running great. I love not having a car payment. Granted, it isn't pretty, fun or sporty but I would drive it across the country this second and feel reasonably confident that I would not have any problems.

The best part of it all is no car payment, and cheaper insurance because it does not need full coverage, only basic.

I did the same, I bought a 2000 Honda Civic at 115,000 miles and 3 years later, it still runs great at 155,000 miles but my car is falling apart now so I am currently saving money for a better newer 2005 to 2007 year model car but I am still going to drive this car and try to get it over 200,000 miles which will happen since I keep up the mantience on it very well

[sequinfamily]

My husband bought a 98 Mazda 626 which has been awesome for him. I had a 97 Ford E350. I donated the E350 to a school that needed it. I just spoke with the pastor there and after 9 months of daily pounding it hasn't needed anything but an oil change. That was after I had it for a year too. I paid $1300 bucks for it. I put new brakes on it and that was it for what I did to it. The mazda had about 250 in repairs in the year we owned it. We paid 2500 for it. My friend is a single mom and got taken on a lemon (didn't research the car, and should have taken someone with her to test drive it. Long story). She paid 2500 for a van, put 2500 into it and the head gasket went again. So, we "sold" her the Mazda for basically nothing. She says it is a great car. I guess whether or not a used car is great is all about your perception.

I now have a 2011 Aveo. It was 15k brand new. The ones a few years back were almost as much as the new one when I was looking. I put some money down and got approved with Americredit for 19%. I made double payments for 3 months then walked into a neighborhood credit union and walked out with my loan refinanced at 4%. The only reason we even considered getting the car loan was that my husbands very stable job has recently gotten even better and he got a nice raise. We have 6 months of emergency savings put aside. And, in addition to that we are able to make double payments and continue to increase that savings. (Well, now with the 4% rate we've been making more like triple payments).

Don't rush into a car loan. And, if you are looking at a used car for 16k you could put the same repairs into it as a used car for 4k. Just be sure to do your research and have the car looked over well by a qualified person. Borrowing is not a need when you have 4,000 bucks. Coming out of bankruptcy, however we all got here, it's important to separate needs from wants.

[daxtell]

i tried with capital one auto finance 'a few weeks before my discharge' and was declined. i tried again three days after discharge and i was approved!