are we being scammed?
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?
The big problem with this is that every dealership is different, so just because he explains how their system operates it really has no bearing on other car lots and the way their financiers operate.
The best thing to do in this situation is to talk to a few peole at a few different lots and see what the best deal you can find is.