@StartingOver10 wrote:
You can do it. Believe me, I understand about the economy. I had a difficult time too and I am rebuilding (that's why I'm here). But one thing I have learned is to make sure that the timing is good for me...not for the dealer.
The last time I financed a vehicle I had just come off a BK and I waited two years to get a decent vehicle with a decent payment. I built my score up to the low 700's and I still had to negotiate with the F&I guy from some ridiculous mid teens rate down to 7.14%. But he went kicking and screaming the entire way....lol
There are two things you need: 1) showing the ability to make the payment and 2) the stability to make sustained payments over the long term. (Plus maybe gall to negotiate with the F&I guy and a pre-approval with a CU to show you are good for it).
Just trying to give you the tools to get the best rate possible under the circumstances. Most of us are here rebuilding....In fact, I just saw a post not too long ago from a guy that had just had his discharge from BK and he was able to get zero percent! So the criteria is a little better now, just put yourself in the best possible position before you apply and waiting until you have 12 months of house payments made on time puts you in a much better position than 4 months.
Here is the post of the guy who just got out of BK and got 0%
http://ficoforums.myfico.com/t5/Auto-Loans/Can-t-believe-it-Got-0-financing-4-months-after-BK7/m-p/2...
