Can I get a car loan of $35,170 after bankruptcy?

[sports1965]

You know what?

You go thru life working your butt off  ,your told to save for retirement ,etc etc.

Then retirement comes and you don't get to enjoy it because you are old, you get sick and people die before they can enjoy their money.

Seen it all to often.

Yes you should save money for later,BUT if you want and can afford it I say live like it was your last day,cause tomorrow is not guaranteed. 

You want that dream car ,buy it.

[C6Guy]

I think a lot of people raise a valid point. Being discharged from bankruptcy isnt a free pass more importantly there isn't a safety net if you screw up. I think someone posted earlier on these threads how all his accounts were closed and thinkng of filing bankruptcy for the second time. I had a 600 a month payment back then and have dropped it to 490 due to refinancing to a 1.9 interest rate and trust me with gas and insurance on a V8 it adds up quick. Good luck with your purchase of you go with it.

[StartingOver10]

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@sports1965 wrote:

You know what?

You go thru life working your butt off  ,your told to save for retirement ,etc etc.

Then retirement comes and you don't get to enjoy it because you are old, you get sick and people die before they can enjoy their money.

Seen it all to often.

Yes you should save money for later,BUT if you want and can afford it I say live like it was your last day,cause tomorrow is not guaranteed. 

You want that dream car ,buy it.

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I guess I am the wet blanket here.  OP already declared publicly that he couldn't afford it (that is what the BK was all about). He testified to the trustee about his not being able to afford $40k in debt. Then he proved he couldn't afford it - so he was rewarded with a discharge just a few months ago.

Now he is spending almost exactly what he was in debt on one depreciating "asset" that is going to cost him a minimum of $35k and he now says he can afford it. 

Naturally OP can do what he wants. We are just pointing out the obvious contradiction here where he couldn't afford the $40k debt that he was discharged from and the new $35k he is looking to get into right away. Hopefully the OP picks up a second job to help pay for the new debt. Or he finds a way to budget for it and doesn't get a repo a year or two into this new debt payment. GL.

[Anonymous]

Sport1965 You could have not said it any better. This is what I have been trying to explain and I appreciate the advise that everybody has given but they still dont understand that I can afford this loan. I have already explained that after all my bills including car loan I will be left with more than 2k in savings a month due to the total household income I have and still some people on here think its a bad idea to do it.

The reason I filed BK was because I had more than 40K in credit cards. Not a CAR LOAN. I was paying for 6 credit cards and paying almost more than 1,000 dollars a month on them. For the car loan i will be making payment of almost half of that. So hope you can see the difference between the two.

Again, yes i do agree that you should save some money and make sure all your priorities are set first before you make any credit or loan decision that way you do not get overwhelmed with debts. But this is not my case. I am getting into a loan which will be my only debt until i finish paying it off. And i am still left with plenty if money to go to different countries for vacation.

Like Sports1965 said. You only live once. Sonas long as you do things right and still have that extra money to enjoy gettinh whatever it is that you like, go ahead and do it.

All I requested in this post was to see if it was possible to get a loan for 35K after BK and I have already found out that YES you can. At least I was able to with Ford Credit. Just make sure you have that big down payment and you can make it happen at very low interest rates. Dont expect a 1-3% interest rate but reat assure you can fall between 4-9% like i did with a 7,000 down payment. This was with Ford Credit which many have already stated they are great for financing. Many people also say Capital One is a good auto loaner but I didnt try with them as Inwas already happy with what i got with Ford Credit.

[CreditCuriosity]

Just my 2 cent.  I make 3x what the OP makes AKA 115k.  I bought a 48k car after taxes and regret how much I pay each month.  I even went with a 7 year loan to help out, but the payments are in excess of 750 a month.  If I was to do it over again, I would buy say a 30k car or Honda Accord or similiar and put the money somewhere else.  I am done keeping up with the Jones.  Best of luck to you OP, but a car only purpose is to get you from point A to point B.  Many cars can do this.

Damn I would love an Used Audi R8, basically what my yearly income is...But hell no, I would never buy it as I know this would be financial suicide being the payments.

[ohvrolla]

$40,000 a year equates to $769 a week before any deductions. After taxes I'd figure under $700, but for simplicity I'll figure $2,800 a month minus $900 (600 rent, 200 electricity, and 100 phone bill) leaves $1,900. Take away another $590 for the car leaves $1,310 and we haven't even talked about insurance and gas to go along with the new car. Haven't mentioned food either, so where does the $2000 at the end of the month come from? Overall my biggest concern is that it locks you into the life you are living with your current salary, such splitting bills with your brother. 

I make $65,000 a year with a $370 mortgage (yes that includes escrow), and it was all I could do to talk myself into buying a sub $20k Forte EX. The allure of a new car isn't that great with me I guess as I've never considered a car to be much more than a means of transportation. I'll actually walk past my new car this morning on my way to work and get in my trusty '94 Cavalier with 230k miles on it. 

[Anonymous]

Omg people smh. I said I make 2,000+ every month of savings after all bills, gas, car, ect. In a TOTAL HOUSEHOLD income(Me and my wife).

But thanks for you're reply

[CreditCuriosity]

Ok so to answer your question, yes you will get approved, not at 6%.  Enjoy your car if you go for it.

[Anonymous]

I already got approved at 8.4%. And to say that one will not get approved at 6% is wrong.

There have been people that have even been approved within 2-4% right after BK. There are many factors that take place in order to achieve this. Factors like putting a big down payment, total income, years at workplace. These are the main things they will look at. But it is possible. So to say that one will not get approved is misleading.

If you go into a dealer and hoping to get approved with a 500 dollar down payment and expecting a low interest then yes, you probably would be right.

Go in with 7,000 dollar payment with steady income, steady job history, and 0 debts and rest assure you will get approved and are now in power to negotiate a low interest deal.

[CreditCuriosity]

You asked in your initial question would you get approved for 6%, I said no and you just argued that people do get approved for 6%, yet you just said you got approved for 8.4%.   Yes all those factors do impact APR as the more you put down etc., the less risk plus they can just take the car back aka repo if a person messes up.   Anyways, enjoy the car.