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Need a car loan after Chapter 7

Contributor

Need a car loan after Chapter 7

I'm about 3 weeks post discharge. I apped an received a Credit One card and Indigo card, both unsecured. I applied for a Navy Federal Credit Union bank account and was approved. My Equifax on myfico is 630.

 

I have received several letters in the mail talking about post Chapter 7 car financing, but they are small dealerships, buy here pay here types. I went to Ford and they were thanks but no thanks. I am trying to get a cheap used car but only one dealer is willing to deal and they want $2000 up front, which I don't have.

 

My car was turned in last week, IIB.

 

Any advice on who might finance me for a car?

7 REPLIES
Established Member

Re: Need a car loan after Chapter 7

Did you give the capital one auto navigator pre qual a try?
Contributor

Re: Need a car loan after Chapter 7

Yes.

 

I burned them in bankruptcy so it was a NOGO

Established Member

Re: Need a car loan after Chapter 7

So did we but we were approved six days post discharge. It's a prequal so it's a soft inquiry only can't hurt to try. Only difference is we were a ch 13.
New Visitor

Re: Need a car loan after Chapter 7

I was discharged 4/17, and just closed (9/17) on a car loan from Carfinance.com.  They were easy to work with, and the rate (6.8) makes me happy.  The process was straightforward, the documentation easy, and they approved a loan increase with an email.  I do have a great job and income, and so I am sure that helped.

Community Leader
Super Contributor

Re: Need a car loan after Chapter 7


shasta wrote:

I'm about 3 weeks post discharge. I apped an received a Credit One card and Indigo card, both unsecured. I applied for a Navy Federal Credit Union bank account and was approved. My Equifax on myfico is 630.

 

I have received several letters in the mail talking about post Chapter 7 car financing, but they are small dealerships, buy here pay here types. I went to Ford and they were thanks but no thanks. I am trying to get a cheap used car but only one dealer is willing to deal and they want $2000 up front, which I don't have.

 

My car was turned in last week, IIB.

 

Any advice on who might finance me for a car?


If you are in the pacific northwest, try Washington Auto Credit.

Most Recent FICO 8 Scores EX592/TU539/EQ574 11/01/2017 Starting scores 553/485/543 08/25//2017
~~~Credit lines~~~~
SDFCU VISA Secured $250
Discover Secured $200
Valued Contributor

Re: Need a car loan after Chapter 7

Did you try with Navy?

Starting a whole new chapter
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Valued Contributor

Re: Need a car loan after Chapter 7

As much as I even hate to mention this on here, but, Santander, maybe?  They, along with GM Financial, approved myself and wife several days post discharge with zero money down, required, but we dropped $1000 on each..  Rates were between 11 and 18% - but we paid extra and, refinanced them within six months, which was pleasant.

 

Also - is your credit report as accurate as can be?  Everything reporting correctly?  You got a bunch of hard inquiries fast, it seems, so, that may also hurt your chances for an "automatic" review, but, may take a dealer to "make some phone calls" to help you out.

BK Discharge 2/11/14

Currently in the garden.