Capital One Auto Navigator

[empressj]

Hi all,

I filed in October and will hopefully be DC'd sometime in early Jan 2017. We are in need of another car (2nd car totaled in accident) and hope to refi (not reaffirming ) the current loan we have with WFDS to get lower interest rate and monthly pmt.

We've been getting a few offers in the mail even from the dealership we got our current car from. I hear many people talking about pre approvals from CO Auto Navigator and that they don't check you credit.

So here are my questions: 

1.) Would it be wise for me to test it out and see results? Would this impact my bk since we have a few weeks to go before possible DC or just wait?

2.) Is it possible to get another car same make and model of current (finance) and refi my current? We have had NO lates or negatives - paid as agreed 

3.) If I submit a refi application how long should I wait post DC (we can't wait too long though) 

I'm nervous thinking a bank might be reluctant to refi and/or grant loan for a 2nd car. What are your thoughts....

If its too lengthy feel free to message me..TIA

[Anonymous]

I don't know what the interest is on your loan currently, but I would think that the rate would be higher after bankruptcy.

[empressj]

Ok, anyone else...

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@empressj wrote:

Hi all,

I filed in October and will hopefully be DC'd sometime in early Jan 2017. We are in need of another car (2nd car totaled in accident) and hope to refi (not reaffirming ) the current loan we have with WFDS to get lower interest rate and monthly pmt.

We've been getting a few offers in the mail even from the dealership we got our current car from. I hear many people talking about pre approvals from CO Auto Navigator and that they don't check you credit.

So here are my questions: 

1.) Would it be wise for me to test it out and see results? Would this impact my bk since we have a few weeks to go before possible DC or just wait?

2.) Is it possible to get another car same make and model of current (finance) and refi my current? We have had NO lates or negatives - paid as agreed 

3.) If I submit a refi application how long should I wait post DC (we can't wait too long though) 

I'm nervous thinking a bank might be reluctant to refi and/or grant loan for a 2nd car. What are your thoughts....

If its too lengthy feel free to message me..TIA

---

[Anonymous]

As far a capital one I would wait until discharage to try, credit reports change a lot between filing and discharge.  I think you would have the best chance and most accurate result after the discharge is noted and all the accounts are showing IIB.

Refinancing and buying a new car straight out of bankruptcy might be difficut, or at the very least your interest rates may reflect it.  In my opinion if the interest rate and payment on the current car is okay, I would keep it for a little bit until you can rebuild some.  When it comes to the second car as long as you have the income to support it I'm sure you can find someone willing to finance it.   We got a car loan with Capital One, a few months after discharge, with a decent interest rate of 6%, however, as noted in many posts your results may vary.  Good luck!

[empressj]

Thank you! I was thinking that we may be better getting another car as we do need one to get back and forth to work daily and consider refinancing later next year. This will allow our scores time to increase with timely payments, and maybe even getting a credit card for emergency purposes. Good luck to you too!