Car price, mileage and lender

[powerofone]

I live in NC. My husband and I attend our 341 last week. We have received a few offers from car dealerships encouraging us to visit their dealerships to purchase a car while we are still in Chapter 7. I submitted an application to one dealership and we are supposed to go in tomorrow. I know how much of a payment I want. But it seems as if the lender will only finance us if we purchase a late model car with low miles and I understand their reasoning, but I don't want a 2-3 year old car. Has anyone had any luck getting a lender to finance an older car (2003-2006) for them? I don't have any money for a down payment.

[SMinGA]

With no down payment, you're going to have a hard time getting anything financed I am afraid. Its a risk model, and if you have no cash invested in the car then you pretty much have nothing to 'lose'.

If you've budgeted for a $350 car payment, set that money aside for a few months until you have at least $1,000 if not more. Then you'll have better results I think.

And if later model is what you're interested in, you may do better going private party. For something early 2000's you may be able to buy one without car payments.

[bcvw]

We've been getting these type of offers, too. I checked into one and the interest rate is about 22% for 60 months with $1000 down on any car with under 60K miles.