topic Re: Can I get a loan with a recent foreclosure? in Auto Loans

Can I get a loan with a recent foreclosure?

Anonymous — Sun, 06 Jan 2013 00:00:56 GMT

Hey forum,

I have a very long history of excellent credit, including at least 7 paid off auto loans, many credit cards and student loans paid, etc. have always been near 800 scores. 18 months ago decided to walk from a mortgage that was $200k upside down. The foreclosure just happened Friday, though the mortgage is still reporting 180+ late as of today, with a 2nd mortgage showing as a charge off, though I just settled that debt this last week.

I am thinking about buying a new car, not sure I can get a good loan though. I applied at my CU and was denied for a no down loan (not surprised) even though I have over $70k in cash accounts with them, can document much more in cash/retirement accounts, and have great income (over $200k last year). I could put down 30-50% between cash, rebates, and trade equity so I wonder if 1) I might get the CU to reconsider their decision at a lower LTV or 2) with a sizable down payment would I be able to get dealer or manufacturer financing in my situation Without getting crushed by the interest rate?

Considering a Toyota Tacoma or Tundra, purchase between $30k-$45k, depending on the vehicle.

Appreciate at feedback from you all.

Re: Can I get a loan with a recent foreclosure?

tooleman694 — Sun, 06 Jan 2013 01:12:43 GMT

I think you can do it, but your gonna need to get the dealer to get you the loan and yeah you gonna need a huge down payment and the interest rate is gonna suck.

You would probably be better off paying cash so save money in the interest rate.

Re: Can I get a loan with a recent foreclosure?

StartingOver10 — Sun, 06 Jan 2013 15:32:10 GMT

@tooleman694 wrote:
I think you can do it, but your gonna need to get the dealer to get you the loan and yeah you gonna need a huge down payment and the interest rate is gonna suck.

You would probably be better off paying cash so save money in the interest rate.

I have to agree with tooleman - right now you represent a high risk for long term loans due to the f/c and the best way to overcome that is with a substantial down payment.