Car Loan after Chapter 7 Discharge
Date: Fri, 11/05/2010 - 20:43
OK, here's the skinny. In another thread, I indicated that I am filing Chapter 7 bankruptcy. My expected timeframe for complete discharge would be early January, depending on my court date, etc. I was also told that my tax refund would likely not be touched at all (yay!), because I would need it for a downpayment on my next car. I know that a dealership's main purpose is to get people into cars, but I am wondering, what sort of interest rate would I expect, and what sort of monthly payment (hypothetically) would I expect on, for example, a $5K vehicle??
My wife and I did a preliminary budget and by discharge time, we expect to have roughly $800/month savings, so supporting a car payment and the higher insurance premium (because until now, I've been getting liability only, now it would be comp and collision) would be no problem at this time.
My wife and I did a preliminary budget and by discharge time, we expect to have roughly $800/month savings, so supporting a car payment and the higher insurance premium (because until now, I've been getting liability only, now it would be comp and collision) would be no problem at this time.
As far as I know, a $5k vehicle will be having a monthly payment
As far as I know, a $5k vehicle will be having a monthly payment of $ 350 - $ 400/month.
Based on how long of a loan?? Because I calculated a $240/month
Based on how long of a loan?? Because I calculated a $240/month payment based on a four year loan.