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Sunday, September 13, 2015

Car Financing is finally Approved!!!

I just wanted to follow up on my post the other day about Buying my first car after bankruptcy.

The financing is finally completed and just about final. We are just waiting for my insurance to come in.

When we were discussing the terms of the loan, they were actually able to get me an unlimited 2 year warranty (that will extend till year 4 if I don't need to use it in the first 2 years) for free.

The reason that they were able to get it for free was because the lender likes when you have their equipment protected with a warranty so they actually dropped the interest rate by 5%. 
The interest rate is still crazy high but is almost down to a number that is not embarrassing.

It doesn't change the payment at all for me but

Monthly Payment: 402
 Original Interest Rate: 25%
 Rate after included warranty: 20%

Interest rate from my first ever car that I thought was the highest possible interest rate for a car: 16%