08-17-2012 05:43 PM
First time posting, long time lurker on here, looking for some advice -
I was just dischargd from CH. 13 Bankruptcy in November 2011 , i did that with no regrets and my thinking of money has changed as well, my vehicle is a 2000 Lexus RX300 , it was not included included in bankrutcy, and i paid it off early. Its been a great vehicle, i have had it over 6 years now but would definitely like something newer. I finally bit the bullet yesterday and pulled my scores from on here, i knew since the discharge they had to have improved and they have -
Transunion - 614
Equifax - 627
Experian - 577
I am a pessimist, so i was expecting much worse, my dad is a used cars salesman and he said those were not bad cosidering coming out of ch. 13 discharge. Also i will soon be 5 years in the same job, my question is what can i expect if i go to Toyota or Honda, i have read to go to a big dealer instead of the smaller lots and what can i expect, approval?
Thanks for any advice gang!
08-18-2012 07:17 AM
It's not impossible for you to get an auto loan, but you can expect a higher interest rate. Also one thing to look out for is that what you get for scores when you pull your reports yourself are not necessarily what the lender will get when they pull your report. I had a score of 594 through Equifax when I tried to purchase a newer vehicle at the end of July. When the dealership tried to get me financed, I found out 2 things -
1) My score that was pulled here was very different from the score pulled by the lenders due to it being a different version of the scoring method. MyFico had me at 594, but the highest across the board when the lenders pulled was 527!
2) Different institutions and areas of the country use different credit reporting agencies. In New England - I found out that they typically use Experian or TransUnion (my scores were lower than Equifax with each of these). The dealership indicated they knew of only one lender using Equifax, and that lender required you to have a 640 score to even be considered.
Just do your research and find a finance manager that is going to work with you. I had gone to one dealership a couple months ago - I wanted to upgrade from my car to an SUV. They ran the numbers and said "Sorry we can only finance you for X - would you like a Chevy Malibu instead?" I just walked out and said I'd wait til I could get the vehicle I wanted. Went in in July to another dealership, and the Finance Manager and sales person worked a full week to help me find a vehicle that not only fit me financially but was almost exactly what I wanted in a vehicle. I did end up with a 15% interest rate, but I have a vehicle I love and the chance to continue rebuilding my credit and refi in 6-12 months.
08-18-2012 10:04 AM
Hey what did they require as down payment and what lender approved you? I have similiar scores and have been desperately seeking auto financing.
08-18-2012 12:23 PM
08-18-2012 12:41 PM
Thanks! I'm in market for auto financing but do not want very new vehicle. I actually want a blank check to get maybe a 7 year old car with VERY low miles between $12k-$15k but have found no one who has done this with high 500s low 600s credit scores.
08-18-2012 02:54 PM
I recently purchased a new vehicle and financed through Toyota. I live in MD and the dealer pulled EX and EQ scores - which were auto enhanced. Someone in the myFico community may have the answer to this - but maybe since you did not include your car loan in the BK your auto enhanced scores will be higher. I had no lates on my old car loan but I had just come out of 4 years in a DMP. I was surprised how high my auto scores were. Good luck!
08-21-2012 06:10 PM
Try carfinance.com they financed us and i was able to get an 07 bmw 328i....supper excited i only put 1K down, but my interest rate is 14.5% bummer...but my scores are mid to low 500s hope this helps!
08-21-2012 06:58 PM
I was approved three days after my discharge posted through alley finance, all three scores was under 600. I was only approved for 18k max and the truck I wanted was 25k. I only had $1000 down
08-25-2012 04:15 AM
08-25-2012 04:17 AM
Are they the actual lender?
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