Call Now!
Call Us 414-326-9231 608-260-7133 Text Us 414-326-4709
${site.data.firmName}${SEMFirmNameAlt}

Another aspect of bankruptcy and credit: car financing

One of our themes in this blog is that it is very possible for most people to rebuild credit after bankruptcy.

That is why we began the week by discussing how bankruptcy can be a building block toward a financial fresh start. As we noted in our February 24 post, this can even mean improved prospects on the dating scene if a would-be romantic partner asks about your credit score.

But it does take time to repair your credit. In this post, we will discuss the question of how to approach buying a car when you still have bad credit.

Prospective car buyers with compromised credit should be wary of car dealers that might try to take undue advantage of someone’s difficulties with obtaining financing. They may feel they have leverage on you because you do not have sterling credit to support some of the available financing options.

Of course, it can be difficult to keep this caution fully in mind when you are on the car lot looking at vehicles you’d like to drive away.

Don’t give in, though, to the temptation presented by a dealer’s invitation to just drive a car away with financing terms that are not fully finalized. What can happen in those situations is that the dealership may try to impose a significantly higher interest rate than you were counting on.

Similarly, you should be cautious of attempts by dealerships who ask you to get people to co-sign for you on a car loan. To be sure, sometimes having a co-signer is appropriate, such as for car buyers who are still in school. But other times car dealers may try to word the finance contract in a way that imposes excessive obligations on the co-signer.

Source: Consumer Affairs, "Buying a Car with Bad Credit - What NOT to Do," Accessed Feb. 28 2014

No Comments

Leave a comment
Comment Information
Email Us For A Response

Free Case Evaluation

* indicates required field

Miller & Miller Law, LLC
  • VISA
  • Master Cards
  • Discover
Milwaukee Office map Madison Office map Kenosha Office map

633 W Wisconsin Ave, Suite 500
Milwaukee, WI 53203

Phone: 414-312-6581
Fax: 414-277-1303
Milwaukee Office

2810 Crossroads Drive
Suite 4001
Madison, WI 53718

Phone: 608-260-7133
Madison Office

6123 Green Bay Road
Suite 210
Kenosha, WI 53142

Phone: 262-326-1669
Kenosha Office

Appleton Office
4321 W. College Ave.
Suite 200
Appleton, WI 54914

Phone: 920-280-3838
Appleton Office

Brookfield Office
200 S. Executive Drive
Suite 101
Brookfield, WI 53005

Phone: 262-261-0665
Brookfield Office

Glendale Office
6001 N. Green Bay Avenue
Glendale, WI 53209

Phone: 414-973-8662
Glendale Office

Fax: 414-277-1303 - We also have offices in Appleton, Glendale and Brookfield to better serve you.