Due to my bankruptcy three years ago, I wasn't qualified for a typical loan. I did manage to get a loan through my bank (that my dealership applied for), but at a higher interest rate. Based on the year of the vehicle, the interest rate changed greatly. The cheapest interest rate for me was to buy a 2011 vehicle. It went up quite a bit by even going with a 2010.
The other considering factor was that I got an amazing deal through GMC-not only did I get employee pricing but I also got a huge rebate for having owed a Pontiac before my new vehicle, a sister company of GMC. I got my truck for nearly 1/2 off brand new!
So, now you're probably thinking well, why the truck? Based on where I live, which is quite rural, my salesman and I both agreed that I needed a vehicle with a higher carriage. He only felt there was one kind of car that would possibly work which was the same kind of vehicle that police drive in the country. However, we both felt that an SUV or a truck would be better.
I talked to a lot of people-a lot. I finally really felt that for my safety, I needed a 4 by 4 truck. You see, it's not so much the summer that's the concern. It's our winters, not to mention that I work on a reserve. Now, I'm not really talking about ice, because ice is ice no matter what vehicle you drive. Where I live, they can go days without ploughing the snow. It's not uncommon to have to drive through a foot and a half of snow, after the winds have blown things into the roads.
So yes, I bought new and I love it! It's amazing and I feel so comfortable and safe. Now, it does require me to be very strict with my budget. Things will be tight, but that's okay. I still have worked in with my budget savings and such, and my budget is doable...I just have to be accountable for the money I spend each day. The strange thing, and I admitted this to my mother, is I don't think I could have been so strict with my budget had it not been for the bankruptcy.
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