Do I qualify

[Anonymous]

Credit Score: 683 TU vantage (3/5/15)(reported as 646 by cap one)EQ 693 vantage, EX 662 vantage all pulled today 3/5/15

AAoA: 5yr 8 mo

# of positive trade lines: 2 credit cards?

# of negative trade lines:

Income: 65,000yr

Lenght of Employment: was employed for 6 yrs ,company went under, owner of my own company for about 6mo, been paying myself a steady salary for the last 3 mo

Previous Loan Experience: two paid off auto loans and one that defaulted in a BK

Debt-to-Income (DTI): 1%

Year of Car: 2015

Miles:0

Purchase/Refinance:

Requested loan term (XX Months): 35000

Down payment amount: 15000

Co-borrower/Co-Signer: no

Other: had a ch 7 that was finalized a little under a year ago. Been building credit back up with 2 non secured cards. My scores have gone from about 550 to 650-680. 

I have been denied by a few lenders mostly citing BK. Is there any chance anyone will pick me up? I was approved for 28k thru roadloans/santander but the dealer i am trying to buy from does not want to go through their BS paperwork hassle. They claim some dealers never get the money..

I'm hoping that theres a lender out there that will work with me. I know it's a bigger than normal loan so soon after BK but im hoping my newer better income will help out.

[Anonymous]

bump? anyone? please help..

[TRC_WA]

How recent is your BK?  Do you know your FICO (not Vantage) scores?

I would think with that down payment you'd be fine to get approved for a loan... as long as your current self-employment isn't an issue.

Try a CU first...

[Anonymous]

My Ch 7 was filed 6/14 and discharged 8/14.

Edit: I have called several CU's and most have had a policy of at least 1 or 2 years post BK. Unfortunately I burned a good local CU in the BK so I doubt they would want to take me back.

Experian comes back with the lowest score, their own website says my fico 08 is 606.

I tried to buy my two scores on myfico but it wouldn't verify my ID.

The finance guy i spoke to at the dealership i've been working with told me today that the 3 banks he sent it to did not decline it automatically but it looked like they are going to be reviewing it first thing monday morning..

I'm hoping WF or Cap1 will pick it up as I have heard they commonly pick up post bk loans with serious cash down.

[Anonymous]

My gut tells me that you'd get approved for a loan by one of them.  That BK is almost a year old. Your scores aren't great, but they've approved lower, for sure.  The monster down payment is only going to help you; them seeing you're putting some investment into the deal should be viewed as a positive to them...

[Anonymous]

Update, but a huge problem

Carfinance.com approved me for 31k, but then pulled the plug at the last minute because they consider my w2 paycheck from a business i am majority owner of, self employed. I actually recorded one of their underwriters or CSR people the day before saying that was not an issue. 

The dealership approved me via santander for 29k, however the interest was much higher at 10.7%, no Proof of Income required though.

I have a few questions...

Do I have any recourse to go back to carfinance and try to fight with them to honor what they said the first time? I have verifiable income as salary from this business since I took controlling interest 4mo ago. 

How much can I "Poke the fire" to try and get the dealer to ask for a little less down on the santander Loan?

2nd part of this question is: I assume that when they approved me for 29k on the Santander loan there is actually another 2-5% wiggle room on top of that for the dealer to bend me over for GAP/Warranties etc. Can they squeeze that less of a Down payment in there if I lean on them hard enough?

Situation has changed a little bit in the last few days as I found out my trade In was not worth quite as much as i expected. I'm going to have to sell it to carmax and loose about $1300

[joedtx]

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@Anonymous wrote:

Update, but a huge problem

Carfinance.com approved me for 31k, but then pulled the plug at the last minute because they consider my w2 paycheck from a business i am majority owner of, self employed. I actually recorded one of their underwriters or CSR people the day before saying that was not an issue. 

The dealership approved me via santander for 29k, however the interest was much higher at 10.7%, no Proof of Income required though.

I have a few questions...

Do I have any recourse to go back to carfinance and try to fight with them to honor what they said the first time? I have verifiable income as salary from this business since I took controlling interest 4mo ago. 

How much can I "Poke the fire" to try and get the dealer to ask for a little less down on the santander Loan?

2nd part of this question is: I assume that when they approved me for 29k on the Santander loan there is actually another 2-5% wiggle room on top of that for the dealer to bend me over for GAP/Warranties etc. Can they squeeze that less of a Down payment in there if I lean on them hard enough?

Situation has changed a little bit in the last few days as I found out my trade In was not worth quite as much as i expected. I'm going to have to sell it to carmax and loose about $1300

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I dont recommend Santander but it seems like the most viable option. If you decide to do it use them Santander as a springboard to establish a positive trade line with a good payment history then just refinance with your local credit union for a much favorable rate and term.

[Anonymous]

I would say you will qualify of course the question is always the rate.  Some dealers don't like to work with Santander because they charge them a fee because they deal with subprime customers that they figure would not buy unless they gave them a loan.  Your scores are not terrible and you have a significant down payment so I don't see why you can't get a decent rate.  Have you tried DCU or Cap 1?

I was in a bind back in July of 14 and used Santander at 12.5% and since then have refinanced with Cap 1 at 8.5% still high but my auto fico scores are not great due to some lates last year.  You can always refi as your situation improves, your down ensures you will never be unside down so I would do the deal with Santander and then in 6-8 months refi with a CU