653 EQ need loan 45 days past 7 discharge
01-30-2013 02:23 PM
Hi everyone and thanks in advance for any advice you can give. I just joined myFico and my EQ score is 653 (woo hoo!!!!) even though I was just discharged from my chapter 7BK on 12/19/12. I talked to the finance manager at a Honda dealership last week when I thought my scores were much lower and he said to expect 14.9-21.9 interest rates. I did not have them pull my credit report.
I want to keep payments around $350 or less and I obviously want a decent interest rate. Where should I go to look for a loan? What type of interest rates should I expect? Should I try to get approved from a bank before I go shopping or should I find the car I want and then go through the dealers finance department?
I currently have an auto loan from 7/2011 (wells fargo dealer services) that was discharged in bankruptcy. We tried to reaffirm and never heard back from the bank. They sent a letter last week asking us to surrender and then it started buring oil (mechanic estimates 2k to fix). I owe about 5k more than the trade in, so we aren't going to fight them and surrender the car. I had a few 30 day lates on the car loan before we filed chapter 7.