I declared bankruptcy three years ago and have been discharged for over two years. Four months ago, I received a credit card with a $500 limit from my bank after depositing $750 in the form of a three-year guaranteed investment. I'm thinking about buying a new car, since I work an hour from home. I've had a stable income for several years, I've lived in the same place for over three years, and I have no debt. I always pay my credit card balance in full and use it regularly, as suggested by my advisor. My question is: I have a friend who is a nurse and has been working for several years, and she's willing to co-sign for me to buy a new car. In your opinion, should I try to get a loan from my bank or from a dealership? And what about second chances with credit through a co-signer?
I think you've put some good things in place to rebuild your credit.
However, you should avoid "second chance" loans, as they are usually quite expensive in terms of interest.
However, you should avoid "second chance" loans, as they are usually quite expensive in terms of interest.
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