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 Posted: Sat Jan 20, 2007 6:45 am Subject: Buy a car while enrolled in a debt settlement program |
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Can you still buy a car while your behind on cards and in the process of debt settlement?
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shankbuilders
Joined: 19 Jan 2007
Posts: 1
Debtcc Points: 42
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| Posted: Sat Jan 20, 2007 8:49 am Subject: |
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Yes, it is possible to buy a car while you are in debt settlement. However, it is probably not the wisest idea to go into something that requires monthly payments, unless you are certain you can afford it while keeping up on your debt settlement payments. You may also have a hard time obtaining a loan (or at least a low interest one) if your credit is not in good shape.
Is it possible that you could purchase a car for less than $3,000, just to get you through this rough patch? If you are receiving a tax refund this year, that might be one way to solve the problem. The car won't be new, probably won't be anyting fancy, but it will get you from point A to point B until you can do something better.
_________________
A journey of a thousand miles begins with a single step...and becoming debt free is a journey!
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SUEBEEHONEY70
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Joined: 12 Oct 2006
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| Posted: Wed Sep 12, 2007 12:58 pm Subject: |
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And I would imagine the interest rate you would be paying would be out the roof. If you can, I would wait.
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lisaawilliamson
Joined: 04 Sep 2007
Posts: 120
Debtcc Points: 2273
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| Posted: Wed Sep 12, 2007 6:15 pm Subject: |
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It's not a good idea to apply for anyhting while in debt management. The reason is because your creditors report that you are in a financial counseling program. While it is good that you are taking care of your responsibility creditors don't like to lend out money to someone who they might think is going to be a high risk. They will lend it but the interest will be almost as high as it can be. It's best to wait until your obligations are finished then beging to rebuild.
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FYI
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| Posted: Tue Sep 18, 2007 5:45 pm Subject: |
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shankbuilders buy used. Buy something for like 2K until you get better financially. Thats what I did. 
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stefan
Joined: 16 Sep 2007
Posts: 201
Debtcc Points: 2569
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| Posted: Tue Sep 18, 2007 6:56 pm Subject: debt |
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yep..that's what I did!! I bought a good, used vehive ( Jeep Cherokee) for $1500.00. I love it..it's wonderful!!
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sdchargers_63
Joined: 08 Aug 2007
Posts: 1193
Debtcc Points: 11337
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| Posted: Tue Sep 18, 2007 7:40 pm Subject: |
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You can even get a car for $1000. Yes, its gonna be a beat-up Buick but at one point who the hell cares... better then freezing while waiting for the bus
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stefan
Joined: 16 Sep 2007
Posts: 201
Debtcc Points: 2569
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