auto loan after bk?

[annah]

Not sure which forum this should be in, so sorry if I picked the wrong one!

Anyway, my scores are upper 500s, and I need a car loan. I have a new baby on the way, and really need a bigger car before April. I'm trying to do the best I can getting my scores up before I apply for a loan, but I'm not sure how much higher I can get them. I'm assuming I can get to at least low 600s by the time I need a loan by paying down my cc balances, and hopefully getting somemore disputes settled.

So the problem is that I need to find a bk friendly loan company. I'm assuming the major companies, ford, gm, etc, won't touch me. My chap 7 was discharged 1/31/06, so *almost* 2 years ago.

Anyway, if anyone has had luck getting loans while their ficos were still low, I'd love to know what company you went through!

Thanks!

Anna

[sunrise]

Anna...any baddies since the BK was discharged?  From my personal experience several years ago....we applied for an auto loan 22 mo's after our ch. 7 was discharged...we had perfect pay since the BK no new baddies since the BK and had very low util (15%) on rebuilder cc's and we were approved through 3 companies (we used lendingtree.com)  We ultimately picked Capital One Auto Finance....11% interest.  They told us we could refi after 6 mo's of on-time payments...which we did... to 8.9%  I have read on here where people have had success with credit unions. 

Good luck with the birth of your child and on getting an auto loan!!

[sunrise]

BTW...at the time...our ficos were around 620.

[dtown66]

Thats correct.......stated above....I would join a credit union first and try them....I just joined my local one and they told me there is no waiting period to apply for a loan....I would recommend you get to at least mid 600

[Anonymous]

Here's a credit union for you and anyone out of BK ! ! !

www.mycccu.com

Very BK friendly, I know someone who has been 2 years out of BK and she got a great rate 6.50% NEW CAR loan. Check them out ! I myself have to wait about another year or at least until I get my 72 month loan paid down. I got a car loan through HSBC at 14% last Sept 06 and CAP ONE said they'd take over at 12% just this month, yeah not so great, but being out of BK what can ya do!

Best to you, Catchmeifyoucan