The misery of having a high car payment and the inability to sell due to the low car value and the amount of debt is so frustrating that it is unexplainable. Due to our financial situation, bankruptcy was the only option. After filing bankruptcy, my husband and I felt defeated and were under the assumption that we would have to wait 10 years for the bankruptcy to remove off of our credit reports prior to financing a vehicle or a home. As we started saving to purchase a vehicle I realized that it would take months, or even years, of saving to purchase a vehicle out right. Due to time restraints we went to a dealership to discuss our options of financing a vehicle, if any. After an entire day at the dealership we were able to leave with a vehicle while avoiding the same mistakes in our previous vehicle purchase scenarios such as feeling desperate, not researching the value of the vehicle, not providing a down payment, not reviewing interest rate and term options, and taking the time to better credit/refinance. The following 5 tips were essential in purchasing a vehicle after filing bankruptcy:
Although the 5 tips are not fail proof, they lead the consumer in the right direction to avoid common mistakes while purchasing a vehicle after filing bankruptcy.