Past repo's effecting future loans

Anonymous · ‎09-20-2017

I made some bad decision with money when I was younger an other life events resulted in a few repos in my past. I will be filing BK, Just paid the lawyer today.

Will the repos from 5 to 8 years go effect my ablitiy to get a auto loan after BK?

Thanks

Anonymous · ‎09-21-2017

@Anonymous wrote:
I made some bad decision with money when I was younger an other life events resulted in a few repos in my past. I will be filing BK, Just paid the lawyer today.
Will the repos from 5 to 8 years go effect my ablitiy to get a auto loan after BK?

Thanks

You'll be able to get a loan after BK but I HIGHLY recommend buying a car for a couple of grand cash and rebuilding your credit for at least 6 months and you will get a FAR better rate.

I see people all of the time jumping back into lousy high rate auto loans right after BK and it kind of breaks my heart. Many say "oh, I'll refinance in X months" but the problem is how easy it is to be underwater on a 20% interest rate loan and then you can't refinance a car that is too underwater. Then they're stuck.

You're about to be free of the debt trap . . don't run right back in!

StartingOver10 · ‎09-21-2017

@Anonymous wrote:
@Anonymous wrote:
I made some bad decision with money when I was younger an other life events resulted in a few repos in my past. I will be filing BK, Just paid the lawyer today.
Will the repos from 5 to 8 years go effect my ablitiy to get a auto loan after BK?

Thanks
You'll be able to get a loan after BK but I HIGHLY recommend buying a car for a couple of grand cash and rebuilding your credit for at least 6 months and you will get a FAR better rate.

I see people all of the time jumping back into lousy high rate auto loans right after BK and it kind of breaks my heart. Many say "oh, I'll refinance in X months" but the problem is how easy it is to be underwater on a 20% interest rate loan and then you can't refinance a car that is too underwater. Then they're stuck.

You're about to be free of the debt trap . . don't run right back in!

^^^Listen to Steeler's sage advice....get that cash car for at least 6 months. You will be in a much better position to purchase a vehicle with payments after you have been discharged from your Bk. I waited two years to buy a vehicle with payments - had the cash car from the day of discharge tor exactly two years (well, really two years and one week). Give yourself time after the Bk to set up a budget and live with it for a while.