     D T (Dtemkin) | Thursday, December 28, 2000 - 04:37 pm 
All,
What are my chances of getting a car loan at a decent rate, say 6 months after discharge? For the particular (new) car I'm looking at, I'll be able to put down close to 50%, plus my trade-in. I've got a positive car-loan history (one old one paid off, a current one that's been open for 2 years and never late)... I've also already begun reestablishing my credit (I've had a line of credit with a $5500 limit now for over a year that didn't get closed in bnk... I have no intentions of EVER touching it, and once my credit is repaired, I'm going to close it). I've also got two secured cards that are reporting current (as unsecured)...
Can anyone provide me with any insight? I'm going to try my credit union first(they told me they'd continue to write loans to me after my bnk so long as they lost no money in it, I'm inclined to believe them), but if that falls through, I'd like to see what dealer financing can do.
Thanks,
-Dave |
| P.Rosa (Angryconsumer) | Thursday, December 28, 2000 - 06:38 pm
What are my chances of getting a car loan at a decent rate, say 6 months after discharge? For the particular (new) car I'm looking at, I'll be able to put down close to 50%, plus my trade-in. I've
got a positive car-loan history (one old one paid off, a current one that's been open for 2 years and never late)... I've also already begun reestablishing my credit
I don't know for sure, but for what it's worth I've seen newspaper ads guaranteeing credit approval if you're a homeowner and have at least a one-third down payment. Offers like this probably are available in most places. I have no idea if you're a homeowner, but you do have substantially more than one-third down and your credit history surely is a lot better than those of many people who go into the dealerships. Just be prepared to shop around and don't let salesmen pressure you. |
| Senator (Senator) | Friday, December 29, 2000 - 02:35 am
I would recommend that you find out what cra the auto dealership uses and know your scores. Deal only with the credit manager and be prepared to shop around until you find a firm that will work with you. Do not let them run your credit report until you decide that you want them to. Be prepared for multiple entries when they do.
From what i learned at a post bankruptcy seminar, Ford can offer post bankruptcy financing at decent rates but it's mainly on their used cars (lease returns, etc.). Depending on where you stand in the recovery period, it might be a good deal. I don't see a 6 per cent loan until sometime two years after a "7" discharge. good luck. |
| Shy Guy (Shyguy) | Friday, December 29, 2000 - 07:30 am
Ford allowed me to lease a new 2000 Taurus at Ford Credit's best rates six months after my Chapter 7 was discharged. (The financing works out to the equivalent of 4.9% interest.)
I put down around $1,500, and the dealer added the rebate to the down payment. So I guess it added up to about 10% down.
Yes, it's a lease, but I would rather lease at great rates than buy at double-digit rates. Plus, at the lease's end my credit will be good enough that I can buy this car or another car at a great rate.
But if you have a lot more to put down, you might be able to buy instead of lease. With Ford Credit purchases, you can also make payments online.
Like Senator said, take your credit reports to the finance or business manager and don't let him or her do a credit inquiry until he or she agrees the dealership can get you financed. (Yes, I've had dealers look at my reports and say they couldn't help me.) |
