I'm a year out of my Chapter 7 discharge, and my 12 year old car is just about dead. I surrendered a auto in the bankruptcy, but what do you think my chances are at getting a car loan now? Just figured I'd ask here before maybe wasting my time.
Credit Score: EX 614, EQ 626, TU 642
AAoA: 5 years
# of positive trade lines: 3
# of negative trade lines: 7, all show included in bankruptcy
Lenght of Employment: 9 years
Previous Loan Experience:
Debt-to-Income (DTI): 19
Year of Car: 2013
Requested loan term (XX Months): 60
Down payment amount: 7000
Other: Price of car is 27000, but I could probally find a similar one for a few thousand less.
I predict approval. APR might be a bit high due to BK. I'm guessing 7%-14% with those low-600 FICOs. The auto loan IIB'ed might push up apr to the 12-18% range, depending on if lender uses auto enhanced FICO. A little downpayment may help reduce the APR a bit, but it won't help THAT much.
But overall, you'll be approved.
I just did what you did - except I was five days post BK discharge for Ch. 7 and scores were in the 580s. I put 500 down and got 12.99 percent - not too bad, but I will be re-financing in a year.
Thanks for that reply, I guess I'll have to set my sights a bit lower.
I'd apply, see what you get, and see if it's affordable! It's very hard to predict rates, you'll be almost certainly approved though
I was dicharged feb 2014, i had to got to a coupler of dealer. Your going to be better off get a new 2014 car, If you want a low interest. I recieve 5.9 interest, with no money down, on a 2014 malibu lt, through dealer financing, they used Ally on March 2014. The first offer the gave me was 9.9% interest through gm financing, I walked away and they called me back withe the 5.9% interest rate throught ally. Used car dealers are going to try to get you 20 % insterest, so defintely shop around. You should be able to get a low interest, since you have been dischared from bk , this means you are no longer a risk. Hope this helps. Yes, i surrender my car, and my score was 544