Does anyone know what the chances are of getting a car loan with if I owe much more on the current vehicle than it's worth? We have a current bankrupcy and nigh very high income for a family of 5. Would we need a substantial down payment? Recently, we're having to put a lot of money into the current vehicle for repairs and would like to get a new one. We currently owe much more than it is worth. Is it likely that we will be able to get a loan--what advice does anyone have to improve our chances. We would like to get a new one rather than a used one (or at least one not more than years old) in order to avoid being put in this position again!
You will have a difficult time obtaining financing with a current bankruptcy. I suppose any lender willing to try to finance a vehicle with you will require a substantial down payment.
The vehicle we currently have was obtained shortly after the bankrupcty and it is being financed. That's why we have the high interest rate and owe more than the car is worth.
