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6 years outof bankruptcy ..can I get approved?

Regular Contributor

6 years outof bankruptcy ..can I get approved?

It will be 6 years in May for my bk...  I had a car loan I paid off 1 year prior...I didn't really need to get a car loan nor did I want the payment...until recently...I think it has hbeen long enough  that I should be able to get approved...I have heard horror stories about high interest rates due to the bk or getting denials..but on here I have read people getting approved shortly after bk  and getting great interest rates...besides I really need to buy a new car rather than put money into another one..

I have no lates since bk and 10% utilization  and low inquiries...

I found a car and I will need to finance about $16,000  I have gotten those preapprovals in the mail from capital one before so I am confident I can get financed...I just don't want one of those high interst rates that make the payment so high I have to decline the car because I can't afford it.

anyone in my situation have good or bad expereinces with this?

I'd like to hear...

Message 1 of 4
Established Member

Re: 6 years outof bankruptcy ..can I get approved?

Dealers can often get somebody financing - even in adverse situations.  What is your FICO score?  That's going to play a big role in what terms you get.  I'd say it's very likely you can get financing, but we need more information.

Message 2 of 4
Regular Contributor

Re: 6 years outof bankruptcy ..can I get approved?

As long as your score is OK you should have no issues. I got a car 1 month after BK discharge at a high rate and refied to a good rate 6 months later. I am 5 years post BK now and the last few cars I have bought I was able to get top tier rates. It can be done!

Message 3 of 4

Re: 6 years outof bankruptcy ..can I get approved?

Yes. I got a loan just 2 years post BK, and it was at a very good rate.  In fact, I got a motorcycle loan, 3 car loans, and a business truck loan all at the same time!  Now I'm recovering from a short sale (as are many of us), and my credit scores are in my signature.  If I didn't uses my credit cards as student loans, my FICO simulation tells me my scores would be in the 740 range.


BK, Foreclosures, Short sales...they all impact your score less and less as time goes by, even if they're on your credit.

Starting Score 9/2011: 600ish all 3 bureaus
Current Score 5/2013: 675 EQ, 699 TU, EX ?
Goal Score: 730 min for all 3 by mid $40K more for a new house, $10K more for emergencies, pay off all credit cards. Simple, right? Smiley Happy

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Message 4 of 4