Buying a Car After Bankruptcy

Buying a Car After Bankruptcy

Can I buy a car after I file for bankruptcy?

If you are like many Americans today, you have had your share of financial problems. You may have even filed for bankruptcy. Unfortunately, financial problems seldom stop there. If you have a used car, it may need to be replaced and that can be tricky.

Take heart, you can and will get another chance at good credit. In the meantime, there are several approaches to take to replace your worn out wheels. Here are just a few:
  1. Cash is king. Start now to save toward another car. The one you are driving can only limp along for a season. If you put away the equivalent of a car payment each month, you will at least have a down payment when “Ol Bessie” gives out.
  2. If you can buy your newer car from savings, consider buying from a private party instead of a dealer. You’ll save a considerable amount of money on the purchase price and that can get you a better ride.
  3. If your car is ready to die, take the bus and leave your car at home as much as possible. Many places offer monthly bus passes and the cost is probably little more than the gas you currently pump getting back and forth to work.
  4. Use the need to replace your car as a means to reestablish your credit. This is going to be costly. Many lenders will place a premium on the money they lend you. Put down every penny you can, make the payments reasonable and look for a bank to refinance your vehicle.
  5. As a last resort, consider a rent to own vehicle. But, before you sign on the dotted line make sure that the cost per mile is within your budget and that the dealer will stand behind his car. It won’t be yours until the contract is fulfilled.

With good planning ahead of time, you’ll be driving that newer car in no time!

Advantage Legal Group is your source for helping you file bankruptcy and then recouping and planning for the future. Call us for Mortgage Mediation and all questions regarding foreclosures and bankruptcy.

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