Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
Re: Can I get decent auto financing with old collections and charge offs?
I think you have a great chance for approval because of your income. I have been through two BKs, a 7 and a 13, filed two years apart from each other in 2003 and 2005, and through that time period up to Nov 2012, I was always able to get financing even with scores in the 500's because my income was such a blinding factor and the finance manager always mentioned that to me. It was clear to them that I fell on hard times as all my previous auto loans were in good standing. Now the interest was always enormous so I don't know what your rate will end up being. Most auto loan companies have 4 tiers and your score falls in the tier 3 or 4 range, which means it is likely you will get approved by a prime lender, but your rate will be high single digits. You can always refi after your credit improves a little more.
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