10-05-2013 06:33 AM
I recently started looking around for a used car and was wondering if anyone knew the interest rates I could come to expect
I have a 700 myfico score
I had a chapter 7 bankruptcy that was dismissed on October 07
My credit has no negative marks, all removed except for bankruptcy
Just want to be ready if the dealer comes back to me with a high interest rate and tells me what they have for my score
Also does it make more sense to go to a bank or credit union to apply for a loan and will I even get approve from them with a bankruptcy
10-05-2013 09:58 AM
Without a doubt, go to a credit union and apply. I actually suggest applying for more than one to rate shop. Apply at the dealership last, and be sure to let them know what rate you got approved for. They love to beat rates. For example if you got approved for 4.5% tell them you got approved for "about 4%, but you can't remember at the moment". They'll try to go below that.
As far as your chances of approval, it really is hard to tell with the recent bankruptcy. It could go either way. I'd take the chance if I were you.
10-05-2013 10:21 AM
thanks for the info
Also was wondering, would a larger down payment towards the car increase my chances of getting a loan or would going for a cheaper car say $20,000 as opposed to $25,000 work better
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