Bad credit question. car loan and car sales people please answer?

Answers:1   |   LastUpdateAt:2012-10-12 20:54:02  

Question
glydhel
Asked at
okay. here's the deal. I, like many others, was crushed when the U.S. housing bubble burst a few years ago. I filed Chapter 7 bankruptcy four years ago. Since then, I restarted my life with a new job and pay my bills and do more than they did before. but my credit is screwed for another 6 years. that is the bottom. Now here is the question. ? I can get a car loan with this scenario: I want to get a Mini Cooper S. 2011. is approximately 25,000. mini, which is owned by BMW, has a financial interest (I think his name choice motorist) where i pay the first three years similar to lease payments and then you get a normal car loan to cover the significantly lower (by 3 years of payments) Cost rest. Now I have like $ 15,000 in cash. using its payment calculator thing says to put the maximum $ 10,500 per'll pay like $ 48 a month for three years. this gives me plenty of time to save enough to pay cash only for the remainder of the loan at the end of three years, if I do that or just get a traditional loan for the rest. making it likely that I can get approved for the loan? I will be covering most of the amount so it looks very low risk for the lender not? or do you factor in the plan of having to get a traditional loan in 3 years? MedlinePlus MedlinePlus Also, I can drive my car for a long time (current car has been since 2000). so please do not tell me this is a bad idea to possibly pay a loan for 7 years, if I do not pay at the end and get a normal loan of 4 years to repay. I'd love a mini sales representative or sales representative to answer that BMW have experience with BMW finance. if it is a complete fool and will never approve the loan I want to know now before I laughed at the dealership. thank you very much for taking the time to respond to this.
Answer1JazminAnswered at 2012-10-12 20:53:36
You do not have to use your financial institution . I would go to your bank or credit union and go through the loan with them . You could go the route of three years and pay that amount . While you are paying for three years , you can save your money and repay the loan in three years easily Or you can refinance the balance . I personally take the loan for three years . You can save to pay the balance . I do not see a problem unless you do not put money aside then. It will not be the joke of the dealership . Trust me .
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