Do anyone living in Milwaukee, Wisconsin know where to go to get a car loan after bankruptcy. My son filed for bankruptcy of this year and he need a car. He lose his job and now is working, so he got behind on his bill and had to file for chapter 7. Where is a good place to go to get a used car without dealers charging high interest rate. He found one place where they want to charge for down payment $2.500. Is there some place else he can look up.
Mary r.( Son)
Thank you for all your answers
*sigh*
No, there is no “magic” place where lenders (dealers don’t determine the interest rate, lenders do… unless it’s a buy-here-pay-here dealership) give low interest car loans to folks with bad credit. It doesn’t happen that way. He’s left with only a few options:
1) Borrow from a friend/relative
2) Go to a “buy-here, pay-here” lot and pay the high interest note, as well as sign on to Draconian terms
3) Save and pay cash
The credit system is inherently “reward-based”, the more you pay your bills on time… the higher your score. Lenders do not reward folks with lower interest rates if they just filed Chapter 7.
After this setback, he needs to stop worrying about trying to obtain more debt and look at saving instead. If he has cash, have him pay cash for his car. If he doesn’t have cash, time to bum rides or use the bus until he does. I always shake my head at folks who are so quick to pile on debt right after a bankruptcy, foreclosure, repo, etc.
So… no, he will not find a lender who will reward him with a low interest rate after a bankruptcy. It has never worked that way… and never will.
How much snow and ice did you get from the latest Winter Wallop?
I got about 7 inches of snow and a quarter inch of ice here in Beavercreek, which is east of Dayton, Ohio.
Bellfontaine, which is closer to Toledo, got 15 inches of snow.
It took me at least an hour to clear off the the snow and ice from my car last night (1/28) with a neighbor’s help. Maybe I should have used a hammer instead of a broom to break the ice.
I recieved eight inches of snow, and a thick layer of ice
ice
snow
ice
snow
thick ice
((I’m in Indiana))
2010 Buick Bob Ross Auto Buick New Car Dealership 35 Years In Dayton Ohio