are we being scammed?
April 4th, 2008 by Questions
We`re in need of a new vehicle in the next couple years, so we`ve started looking. Ideally we wanted to wait as long after the bankruptcy so that we have time to start rebuilding our credit and hopefully won`t have to deal with such outgrageous interest rates.
Speaking to one of the credit guys at the dealership we`ve visited a few times, he`s told us that it`s no benefit in waiting 6 months, 2 years, whatever, when it comes to buying a car. He said that if the bankruptcy is on our record, our interest rates will be the same, regardless of how long ago the bankruptcy was, and regardless of what we`ve done to rebuild our credit. We`re still looking at 14-20% interest on a car loan whether it be now, or in 4 years…
I was under the impression that while we work to rebuild our credit (we have secured credit cards), that wil help us out. Is the car dealership right – as long as the bankruptcy is on our record, even if we`ve done a lot to rebuild our credit, the rates will be really high? Or is this just a tactic to get us to buy NOW and not in 2 years?