Foreclosure Finalized
Should I buy a car before a foreclosure or after?
We’re looking at buying a car and got approved for a 16% rate. We are going through a foreclosure now and expected the rate to be high so we weren’t surprised. But should we wait for the foreclosure is finalized to buy a car or go ahead and do it now? We just don’t know what is going to happen with the bank…we know they have a right to our savings but were told that most of the banks now don’t take them. Thanks.
Jay P- Thanks for your answer. Our house is getting foreclosed on due to the bank making a mistake on our initial contract and raised our monthly payment buy several hundred dollars. It’s not like I lost my job or we had trouble spending wisely. We don’t have any debt at all, besides the house, and only have one credit card that we use about once every two months for small items.
It is going to be much easier for you get financed for a car before you are foreclosed on. After foreclosure, I doubt you will be able to secure a loan for several years.
But I’m going to have to share my personal feelings on this with you. This is not a good time to buy a car for you. You have just lost your home because of failure to repay debt. The first thing you do should not be to go take on more debt at an incredibly high rate.
Foreclosures Caused by Rising Energy Costs-avoid foreclosure
