topic Re: Vehicle loan after BK in Bankruptcy

Vehicle loan after BK

frankjaeger — Tue, 30 Jun 2020 00:01:22 GMT

My discharge was almost 60 days ago now. I have one unsecured credit card with a $300 limit and a Self credit builder loan. Since my discharge, all three bureau's scores have increased anywhere from 30-80 points and are now all sitting around ~600. My auto loan scores are all closer to ~630 each.

Some quick background, I didn't burn any loans or auto loans. I never defaulted and all my previous loans of any type were all paid in full and on time. My BK was credit cards ONLY. That being said, I'm in a predicament.

My current vehicle is paid off, but now having engine troubles. The $11,000 need a new engine kind, not the $500 kind. I'm thinking about taking what I can get for it on a trade-in, but I'm not sure that I'll be approved for any kind of auto loan so quick after a discharge with my scores hovering right around 600. A co-signer is not an option and neither is "just buy a $1,000 junker for the time being".

Any advice from someone who has gotten an auto loan right after discharge?

Re: Vehicle loan after BK

Anonymous — Tue, 30 Jun 2020 00:22:12 GMT

go to capital one auto pre-qualify and see if you qualify. I'm sure you do most people qualify right after their discharge from my understanding.

Re: Vehicle loan after BK

frankjaeger — Tue, 30 Jun 2020 00:51:32 GMT

@Anonymous wrote:
go to capital one auto pre-qualify and see if you qualify. I'm sure you do most people qualify right after their discharge from my understanding.

I don't. Maybe because I burned them for a credit card in my BK.

Re: Vehicle loan after BK

Anonymous — Tue, 30 Jun 2020 02:36:20 GMT

Oh that sucks, regardless I'd still go to a dealership you should have no issue getting a car loan.

Re: Vehicle loan after BK

TattnallTrio — Tue, 30 Jun 2020 03:16:38 GMT

I bought a new Corolla 3 weeks post BK. Capital One Auto picked it up at 18% for 72 months even though I wasn't approved through the auto navigator

Re: Vehicle loan after BK

Mjhall85 — Tue, 30 Jun 2020 04:21:56 GMT

A loan after discharge many have success with it. The rate may not be the best but keep rebuilding while you have it and refinance down the road. I'll be buying a vehicle here shortly and will chime back in with my numbers. My FICOs are right around 600 as we speak. I been discharged just over a week.