topic Re: Auto Loan after Bankruptcy in Auto Loans

Auto Loan after Bankruptcy

Anonymous — Sun, 23 Jul 2017 04:42:34 GMT

Hello everyone, I could really use some help. I did not reaffirm my current auto loan. I want to get a newer Ford Explorer with low miles. Its going to be used for work, I commute long distances and work out of my vehicle. I'm worried I will not get approved for a loan. Do you think I will be able to get approved for a $20,000-$23,000 loan?..... any information would be greatly apprecitaed...Here is my situation:

455 - FICO Auto Score 8 (Experian)

508 - FICO Auto Score 8 (Transunion)

542 - FICO Auto Score 8 (Equifax)

- Down Payment $6000-$7000

- Monthly Income $4000-$4500 (Only been with this job for 1 year, but have stable employment history)

Re: Auto Loan after Bankruptcy

bigpoppa09 — Sun, 23 Jul 2017 04:55:04 GMT

@Anonymous wrote:
Hello everyone, I could really use some help. I did not reaffirm my current auto loan. I want to get a newer Ford Explorer with low miles. Its going to be used for work, I commute long distances and work out of my vehicle. I'm worried I will not get approved for a loan. Do you think I will be able to get approved for a $20,000-$23,000 loan?..... any information would be greatly apprecitaed...Here is my situation:

455 - FICO Auto Score 8 (Experian)
508 - FICO Auto Score 8 (Transunion)
542 - FICO Auto Score 8 (Equifax)

- Down Payment $6000-$7000

- Monthly Income $4000-$4500 (Only been with this job for 1 year, but have stable employment history)

If it was me i would use that down payment and pay cash for something that has decent miles and is good condition while u work on your credit because if u do get approved u are most likely gone have a insane interest rate try Cap 1 auto navigator to see if they offer anything its just a soft pull to check your rate. https://www.capitalone.com/cars/

Re: Auto Loan after Bankruptcy

Anonymous — Mon, 24 Jul 2017 15:46:01 GMT

@Anonymous wrote:
Hello everyone, I could really use some help. I did not reaffirm my current auto loan. I want to get a newer Ford Explorer with low miles. Its going to be used for work, I commute long distances and work out of my vehicle. I'm worried I will not get approved for a loan. Do you think I will be able to get approved for a $20,000-$23,000 loan?..... any information would be greatly apprecitaed...Here is my situation:

455 - FICO Auto Score 8 (Experian)
508 - FICO Auto Score 8 (Transunion)
542 - FICO Auto Score 8 (Equifax)

- Down Payment $6000-$7000

- Monthly Income $4000-$4500 (Only been with this job for 1 year, but have stable employment history)

You can buy a nice dependable used car for $6k-$7k or less. Have it checked out by a mechanic before you buy.

A $20k+ auto loan would be the last thing on my mind (and still is) right now.

Re: Auto Loan after Bankruptcy

Anonymous — Thu, 24 Aug 2017 17:17:32 GMT

A month after my Chapter 7 BK I went onto the Capital One website to see if I could get pre-approved. It was instantly approved and they mailed me a check to go buy a new car from a listed dealerships. I believe my credit was in the 400's to 500's. Auto loan approved was $23,000.00 with an interest rate of 10.8%. No downpayment required.

Re: Auto Loan after Bankruptcy

sccredit — Thu, 24 Aug 2017 19:54:35 GMT

You'll get approved, especially with the down payment. Your rate may not be fabulous but I am sure you already know that.