Buying a used car

[mikes73]

Hello,

Long time lurker here...

Been discharged for about 16 months now from my Chapter 7 and have been rebuilding my credit back up with two small limit CC's. We kept the van because it was the only transportation we had for our 4 kids. I have been driving a small beat up junker truck for the past few months now and had a few questions on buying a better used car sometime later this year for myself.

The van will be paid off by March 2012. It is in great shape and my wife said we are going to keep it going until it finally gives up. It should last us a couple more years easily (knock on wood).

I know most banks, credit unions, etc. finance used cars up to 6 years old. If I find something older that I want, reasonably price, and in great low mileage shape, then what other finance options are there??? I dont want a huge payment for a used car from a factory dealership as I am trying very hard to be budget minded here. A buy here/pay here is a no-no.

I just dont need a $4-500/month payment and $15-25K in debt. Just trying to move forward. Appreciate the help from anyone that has done this.

Mike

[daxtell]

Most cars older than six years are wholesaled not retailed, making it harder for them to find a buyer. That's the hassle with trying to sell it at current or market value and why most finance companies will not finance them. Except for the used buy here pay here dealerships..which do this because they overprice them.

That's a tough question... I do not know of any other financing options for you other than a personal loan from a friend or family member, or else save up the money over time yourself.

[mikes73]

Thansk for the reply....I agree that older models are wholesaled....in fact my dad was a retail/wholesale dealer for 40 years prior to passing. Since the 2012's are coming onto the lot, this would mean anything pre-06 would be made obsolete and harder to finance. I was looking into the 2002-2006 range for a car... many good ones out there. I have been saving some money for a downpayment, just not sure what those financing options would be. Thanks for the help