Credit Cards Center Credit cards from our partners
Reply
New Member
Posts: 2
Registered: ‎01-05-2013
0

Can I get a loan with a recent foreclosure?

Hey forum,

 

I have a very long history of excellent credit, including at least 7 paid off auto loans, many credit cards and student loans paid, etc. have always been near 800 scores. 18 months ago decided to walk from a mortgage that was $200k upside down. The foreclosure just happened Friday, though the mortgage is still reporting 180+ late as of today, with a 2nd mortgage showing as a charge off, though I just settled that debt this last week. 

 

I am thinking about buying a new car, not sure I can get a good loan though. I applied at my CU and was denied for a no down loan (not surprised) even though I have over $70k in cash accounts with them, can document much more in cash/retirement accounts, and have great income (over $200k last year). I could put down 30-50% between cash, rebates, and trade equity so I wonder if 1) I might get the CU to reconsider their decision at a lower LTV or 2) with a sizable down payment would I be able to get dealer or manufacturer financing in my situation Without getting crushed by the interest rate? 

 

Considering a Toyota Tacoma or Tundra, purchase between $30k-$45k, depending on the vehicle. 

 

Appreciate at feedback from you all. 

Valued Contributor
Posts: 2,300
Registered: ‎08-25-2011
0

Re: Can I get a loan with a recent foreclosure?

I think you can do it, but your gonna need to get the dealer to get you the loan and yeah you gonna need a huge down payment and the interest rate is gonna suck.

 

You would probably be better off paying cash so save money in the interest rate.

Community Leader
Super Contributor
Posts: 6,867
Registered: ‎03-06-2010
0

Re: Can I get a loan with a recent foreclosure?


tooleman694 wrote:

I think you can do it, but your gonna need to get the dealer to get you the loan and yeah you gonna need a huge down payment and the interest rate is gonna suck.

 

You would probably be better off paying cash so save money in the interest rate.


I have to agree with tooleman - right now you represent a high risk for long term loans due to the f/c and the best way to overcome that is with a substantial down payment.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.