new car loan and bk

[Alpha]

I am wanting to buy a new car, my current credit score is 670 and will be aprox 675 when i apply. I have a chapter 7 filed late 2014 and discharged beginning of March. i have had multiple new car loans since 2007 all were paid on time and none were included in the chapter 7. I reaffirmed my current car in the chapter 7 and now have equity and am ready to trade it in for a car that has a lower payment. income is $65000 a year and i have 2 revolving accounts that are within $25 of being paid off and a visa card that has a $150 balance. Mortgage is $1460 a month.. what are my chances??

[Anonymous]

I wouldn't think you'd have any issues getting a loan based on the information provided.  Your auto-enhanced FICO is probably even higher if you had positive payment history on auto loans in the past.  The interest rate and amount financed will be the question.  I think you may even get a decent interest rate depending on the loan provider.

[CH-7-Mission-Accomplished]

You will get approved, it's just a question of rate.  I would apply with Capital 1 online.  They will probably give you something like 8% or 9%.  With that in hand you can avoid getting scalped at a dealer who wants to set you up with Santandar at 21% or a similar predatory car lender.

It would also be worth paying a visit to a local credit union or two, laying your cards on the table, and asking them if they can help.  Six months is a bit quick after BK discharge for most CU's, but I have seen some folks get approvals.

If you get anything above 3% or so, be sure to refinance it in six months when your BK is one year old.  You should have no trouble then.

[Anonymous]

I just went through this with scores just a little lower than yours. I had hoped that DCU would approve me, but they declined due to the BK. CapitalOne did approve me for as low as 6.95%, but the car we chose had more than 100k miles. They still approved us at the dealer for 9.6%. Not bad considering the age and mileage on the car. Good luck!

[thisladyz]

+1 most banks and CU's have a 2 year post discharge rule.  I have been discharged since Sep 14 with my BK13 and keep getting the same answer.

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@Anonymous wrote:

I just went through this with scores just a little lower than yours. I had hoped that DCU would approve me, but they declined due to the BK. CapitalOne did approve me for as low as 6.95%, but the car we chose had more than 100k miles. They still approved us at the dealer for 9.6%. Not bad considering the age and mileage on the car. Good luck!

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[Alpha]

just checked all 3 scores and my fico score auto 8's are shown below

equifax 682

transunion 644

experian 712

are many companies  using Fico auto 8 now?