A few weeks ago I posted about getting credit card offers in the mail for those who have "Challenged Credit". Now in this weekends mail were two letters from Car Dealerships offering to speak to me about getting new car loans for those who are post Bankruptcy Discharge. All I need to do is show up with 1) My discharge statement 2) My pay stub 3) Proof of residency via a phone bill and 4) A valid driver's license. Both promise to be able to put me in "the car of my dreams" that day. Either without or with a very low down payment. Yikes !
As I've whinged on before, I do need a new car, but I'd rather scrimp and save and get a substantial down payment to help lower my monthly costs. I'm more than a little leery of these no money down offers. Would I be stuck with a 6 year car payment? Would I need a co-signer? Is there a pre-payment penalty? Lots more questions and I need answers. I know folks say don't buy a new car because of the depreciation factor, but my last car was purchased new and it has lasted 8 years, over 226,000 miles, and except for this past fall, very few repairs other than regular maintenance. I think I have gotten my monies worth out of it.
I've decided to start a file on all these offers that are coming to me in the mail. I'm curious to see what I get over the next few months. I will keep you informed.
1 comment:
Wow! Did they mention what kind of interest rate they give you?
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