cancel
Showing results for 
Search instead for 
Did you mean: 

Car loan with down payment?

Member

Car loan with down payment?

Assuming worst case here... 550 credit score, 3950 take home pay per month, with 2k down. Can I get a new car loan after 341 meeting?

Message 1 of 4
3 REPLIES
New Member

Re: Car loan with down payment?

I can't comment on it before discharge, but I have similar income, and I put $1400 down and was approved through Cap1 3 mos post discharge.  If anything I'd consult your attorney, make sure it won't cause any issues, and if you get greenlighted, give it a go.

Message 2 of 4
Established Contributor

Re: Car loan with down payment?

With $2k cash, buy a car outright with that money that will hold you over until your rebuild is well underway and you can get a good rate on a financed car.

 

You can get approved but interest will be astronomical. You run the risk of being underwater on the car and then having a hard time refinancing because of that.

 

This is your fresh start. Keep things clean Smiley Happy

Ch 7 Discharge May 2015
Discover/Target/NFCU CLOC/NFCU Cash Rewards/PenFed Power Cash Rewards - $46k total revolving
Message 3 of 4
Member

Re: Car loan with down payment?

Looking over my current car loan papers. It is for 8% apr for 29.9K financied for 75 months through KIA dealer financing. Zero down. I'm going to try not to reaffrim my current car loan and try to get a certified used car if not new. As long as KIA is willing to let me keep my current car without reaffirming I won't have to settle for any outragous apr offers.

Message 4 of 4