Frequent Contributor
Posts: 427
Registered: ‎01-21-2012
Re: Auto loan advice from an Underwriter

4us- wrote:

Hi there!!


Thank you so much for your advice.  Here is my situation:


I will be discharged from C7 bk any day now.  I decided not to reaffirm my car and will be getting a new one.   The scores in my siggy are with me added as an AU on my fiance's Capital One card with 3k limit/$68 balance.  Prior to that addition, my score was about 590-599.  


So, I included the one car in bk, no lates being reported on my Experian report.  I have a paid auto loan in 2007 for Capital One.  My income is about 56k per year and I do pay about 825 a month in rent.  


What can I expect when I go buy, as far as interest rates, approval, down payment, etc?  Which bank is my best bet?  Any other advice?  Thanks!


Oh.. will my fiance co-signing help?  He had a bk discharged in Oct 2011.  He has a car loan reporting for the past 6 months with Chase and he has the Cap1 card.  Thank you!

With your income and good car reporting before the BK, I would say you stand a pretty good shot. If you are going used I would suggest Cap 1 or Wells Fargo as options. You will want to wait until the discharge reflects in your credit report or be prepared to provide it to the bank. 


Having you fiance sign may help as well. 

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