35k+ 84m term after bk

[Anonymous]

While this is my first post I can tell you it is definitely not the first time i have lurked the fico forums in search of answers and so far i have not been disappointed! Now it’s time for me to get a new truck and i have some questions.

I am looking at buying a new 2017-2018 dodge ram 2500. both me and the wife will be on the app unless advised otherwise. I have two credit cards($3200cl) both with a 12month history and at a zero balance. wife has 4 cards($3000cl) all with 12 month history and at zero balances. we have one financed recreational vehicle with a monthly payment of $278 but they are only reporting to Experian. We also pay $800 in monthly rent.

annual income is 60k for me and 40k for her. I have been with my current employer 7+ years and she has been with her current employer just over a year with zero job gap from the previous employer.  Our ch7 bk was discharged 03-2016. I was planning on applying for a discover IT card prior to the auto finance to help make things look a little better(unless advised otherwise) but i believe it will help bump my scores. My scores are in the 680 range(tu & eq) and the wifes are in the 670 range(tu & eq).

sale price on the truck i am looking at is $46,500 including tax title and registration. MSRP is listed at 53k. I am planning on putting down $9000 in cash and REQUIRE a  84 month term with a reasonable rate. Does my situation look like we will qualify? if so what bank/credit union would you recommend me having the best luck with?

CREDIT SCORE:670-680
CUSTOMER STATE OF RESIDENCE:AZ
NEW/USED: New
YEAR OF VEHICLE: 2017-2018
MAKE: Dodge
MODEL: Ram 2500
AMOUNT OF LOAN: 37k
TERM: 84 months
ANNUAL INCOME:100k
MISCELLANEOUS COMMENTARY: ch7 BK discharged 03-2016

thanks in advance for all the help!

victor

[StartingOver10]

I am glad to see you are putting down a substantial down payment. 

I don't understand wanting to go out 84 months....that is practically infinity when discussing a rapidly depreciating item like a truck. Here is a brief article from bankrate on the pros and cons of an 84 month loan

http://www.bankrate.com/loans/auto-loans/84-month-auto-loan/

[Anonymous]

---

@StartingOver10 wrote:

I am glad to see you are putting down a substantial down payment. 

I don't understand wanting to go out 84 months....that is practically infinity when discussing a rapidly depreciating item like a truck. Here is a brief article from bankrate on the pros and cons of an 84 month loan

http://www.bankrate.com/loans/auto-loans/84-month-auto-loan/

---

^ Agree wholeheartedly on the 84 months. If I was needing to stretch it that far to make it work in my monthly budget, I would consider a different vehicle, or finding a gently used few year old one.

[bigpoppa09]

---

@Anonymous wrote:

---

@StartingOver10 wrote:

I am glad to see you are putting down a substantial down payment. 

I don't understand wanting to go out 84 months....that is practically infinity when discussing a rapidly depreciating item like a truck. Here is a brief article from bankrate on the pros and cons of an 84 month loan

http://www.bankrate.com/loans/auto-loans/84-month-auto-loan/

---

^ Agree wholeheartedly on the 84 months. If I was needing to stretch it that far to make it work in my monthly budget, I would consider a different vehicle, or finding a gently used few year old one.

---

+1 U are buying to much car if u have to stretch it 84 months to get the payments to work a car is really the worst asset u can buy they lose value to quickly

[Creditaddict]

If you do decide to buy such a thing, look around at something like Truecar to get you a lower price before you even step foot into a dealership... I wouldn't be surprised if you could get $10k plus off this truck.

PLEASE do not do 84 months, you will be back in bk or using that truck as backyard seats when it's on blocks and dead and you still have 2 years left to pay on it. I bet you get someone high up at a bank they tell you they expect to write off some of that loan at some point becuase it's just TO LONG for cars... if you do go over 48 months make for sure you have GAP Coverage and make sure it's 100% GAP coverage not restricted to an amount because you will OWE probably tens of thousands more than insurance will pay if in an accident.

[JGGM]

---

@Creditaddict wrote:

If you do decide to buy such a thing, look around at something like Truecar to get you a lower price before you even step foot into a dealership... I wouldn't be surprised if you could get $10k plus off this truck.

PLEASE do not do 84 months, you will be back in bk or using that truck as backyard seats when it's on blocks and dead and you still have 2 years left to pay on it. I bet you get someone high up at a bank they tell you they expect to write off some of that loan at some point becuase it's just TO LONG for cars... if you do go over 48 months make for sure you have GAP Coverage and make sure it's 100% GAP coverage not restricted to an amount because you will OWE probably tens of thousands more than insurance will pay if in an accident.

---

It looks,like OP already found one with $10k off - 53k msrp....46k drive out is about 43k sales price where I live. Agree on GAP. 

Side note - I live in an area affected by Hurricane Harvey. On tv right now Ford is advertising 84 month finance plus 6 months of no payments. It makes me cringe. So, in reality, it will be 90 months before the vehicle is paid for!

[sccredit]

---

@JGGM wrote:

---

@Creditaddict wrote:

If you do decide to buy such a thing, look around at something like Truecar to get you a lower price before you even step foot into a dealership... I wouldn't be surprised if you could get $10k plus off this truck.

PLEASE do not do 84 months, you will be back in bk or using that truck as backyard seats when it's on blocks and dead and you still have 2 years left to pay on it. I bet you get someone high up at a bank they tell you they expect to write off some of that loan at some point becuase it's just TO LONG for cars... if you do go over 48 months make for sure you have GAP Coverage and make sure it's 100% GAP coverage not restricted to an amount because you will OWE probably tens of thousands more than insurance will pay if in an accident.

---

It looks,like OP already found one with $10k off - 53k msrp....46k drive out is about 43k sales price where I live. Agree on GAP. 

Side note - I live in an area affected by Hurricane Harvey. On tv right now Ford is advertising 84 month finance plus 6 months of no payments. It makes me cringe. So, in reality, it will be 90 months before the vehicle is paid for!

---

Normally I would agree but this is being done to "help" those who may just have lost everyting.  Possible even including cars that had no payments.  It is probably a life saver for those feeling like they are between the proverbial rock and hard place.