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I wanted to ask a question about the best course of action. I'm awaiting my discharge (about 30 more days) and I wanted to find out if getting a credit builder loan at my local CU, will help my chances on getting an auto loan at a decent rate or at the very least a loan. I surrended my car in the BK and need to get one as soon as I get my papers.
I'm in a similar situation and will be looking for a new auto loan in a few months. I was disch in July and I applied for a 2k CB loan. I got about a 12 point boost on my score when it began reporting. It should show a positive 5 or 6 month history by the time I app for the auto loan so Im hoping it helped all around. Although my scores were much better than I expected post disch.
Hello.
when I filled here in Colorado, I started receiving offers to buy a car days after the filling. Although those APR's are probably very high.
why not get a beater for just a year while you build up credit score with the credi builder loan for a year? Then ask the same credit union to pre approve you for a car loan, if they do approve you then head over to their preferred car dealer and trade in the beater for a new-er car while at least getting some of the investment on the old car back.
my CU told me that I can refinance my car after 6 months post BK if I show good payment history on my car. I didn't surrender my vehicle.
good luck!