topic Re: Auto loan in Bankruptcy

Auto loan

morgan320i — Mon, 07 Sep 2020 20:49:06 GMT

2.5 post discharge 2 credit cards no lates low balance , scores in the low 630s

beaides the two cards I have not applied for anything

cant get approved for a car loan, period, nobody tried a few dealers, capital one, they won't even call me back lol

suggestions?

Re: Auto loan

morgan320i — Mon, 07 Sep 2020 20:50:02 GMT

All cars under 15k

Re: Auto loan

AllZero — Mon, 07 Sep 2020 21:05:44 GMT

Are you a member of a credit union? Have you considered joining one?

Re: Auto loan

Sacaripasa — Wed, 09 Sep 2020 21:54:20 GMT

I used https://www.blueskyautofinance.com/ 2 months out of Chpt 7 and was approved for new through Ally Bank for a outlander sport.

Re: Auto loan

Anonymous — Fri, 11 Sep 2020 02:07:51 GMT

Whats your income, job history and how much can you put down?

Re: Auto loan

morgan320i — Fri, 11 Sep 2020 02:26:08 GMT

Decent income

11 years job

most don't ask for down payment till approval

tried 3 credit unions

lol

Re: Auto loan

Mjhall85 — Fri, 11 Sep 2020 04:09:16 GMT

Did you do the capital one auto navigator ? If so did it say go to review or they give you an amount. What kind of vehicle are you looking for ? Could you pay cash for one ? Are you in a large city or a small town ? Most large dealers generally can get an approval may not always be the best but it's a start, can always refinance down the road.

Re: Auto loan

Caliboy97 — Fri, 11 Sep 2020 04:12:25 GMT

So I used to work for a Luxury dealership.

From my experience you are probably getting denied because you aren't submitting any down payment and look like a liability to the loan issuer.

or they may think the monthly payment is too high depending on your obligations your reporting including rent.

Re: Auto loan

morgan320i — Fri, 11 Sep 2020 11:01:02 GMT

Where down payment is a box to put in I put 15-20% once again I am looking at lower mileage cars in the 10-15k range

i will end up buying a really cheap car, but was looking for something reliable

Re: Auto loan

morgan320i — Fri, 11 Sep 2020 11:02:33 GMT

27$ an hour with no bills a couple small cc, and inexpensive mortgage, should qualify me for a small car payment lol

Re: Auto loan

LakeLife — Fri, 11 Sep 2020 11:39:12 GMT

I'm not entirely sure we're getting the whole story here, because with what you've presented to us you should qualify. Regardless, best of luck to you.

Re: Auto loan

morgan320i — Fri, 11 Sep 2020 12:19:36 GMT

Nothing to be weird about, I have 2 capital one cards with 1000$ limits showing no balance, I make around 45k a year, bk was in March of 2018

I tried to get a car about 6 months after my bk so it shows hard inquiries , nothing since then

trust me I'm confused also

Re: Auto loan

incognitony — Sat, 12 Sep 2020 01:40:14 GMT

Carvana. Expect high interest. They would probably require low down payment but higher down payment lowers the interest rate. They approve based on the Credit Karma scores.

Re: Auto loan

2b2rich — Sun, 18 Oct 2020 04:40:50 GMT

I'm 10 months post discharge and since I burned Cap1 on two cards, I was denied in their prequal. I app'd on Carvana and was approved for 9.6%, and zero down on anything under $25k.

Re: Auto loan

2b2rich — Sun, 18 Oct 2020 04:45:01 GMT

Just to add that I could select higher priced cars, but just playing with the numbers found that the down payment on a few cars between $25K and $30K was only about $500. I just dont want to have a high car payment each month since I'm really enjoying being debt free, so went with a 2019 with less than 2K miles and payments are $429 a month.

Re: Auto loan

Lrn2liv1 — Mon, 19 Oct 2020 23:06:25 GMT

Try Carvana pre qual. I was able to secure a vehicle abt a month out of bankruptcy with extremely low scores. All the best to you!