Hello all -
I'm looking to get a more reliable car. My current car fills the cabin with exhaust, it's on its 2nd engine, and winter is coming, so my drive with the windows down fix won't work much longer. I'm not much of a car person, so I don't care that much what it is, as long as it'll last 7-10 years.
I found a new Kia Soul for $13800 out the door.
I know a used car would need to be less than 7 years old, less than 70k miles, and more than $7500 to finance, and which pushes it to $10k+ for anything resembling reliable....
I don't have much saved, and that'll likely be needed for a roof hail insurance claim ($1000) and to replace a leaking water heater.
So I need $0 down.
A dealer did offer $500 trade in value, I'm trying to sell outright to get more for it.
My Chapter 7 discharged in April (5.5 months ago).
I reaffirmed the mortgage and got it back on my credit report after I cleaned that up in August.
Strangely 2 credit cards survived bankruptcy - a jewelry store with $3500 limit, and Trek Bike store with $1000 limit.
The only debt I have is the mortgage.
Credit Score: 650, 652, 705
Income: $55k
Lenght of Employment: 6 years
Length of homeownership - 4.5 years
Previous Loan Experience: payed off a car loan in 2010, 3 unsecured loans discharged in bankruptcy
Debt-to-Income (DTI): 23% (only have mortgage)
Down payment amount: 0
Co-borrower/Co-Signer: none
2 inquiries - Jun2013 (consolidation loan), and Jan2014 (when I filed chapter 7)
I'm looking at the capital one blank check auto loan, but haven't applied yet because I don't want to ding my credit if I'm going to have to borrow from my 401k anyways.
The dealer said they could work with 650 score and the bankruptcy though.
I'd like to line something up, and see if the dealer can beat it.
What can I expect? Is $0 down possible, will it be some horendous 20% rate?
