Getting Credit Cards, no problem. Getting an Auto Loan is being tough for me.

[Steveo777]

I'm struggling to find an auto loan. Cap One did not have a pre-approval for me and our credit unions, Golden 1 and Safe CU both turned me down flat.

There is no debt to income issue.

Income from employment is proveable at $95k per year.

Rent is only $900

My FICO Auto Scores are EQ 691/ TU 706/ Exp 672

Granted we are only going on mos post BK, but there ought to be something out there. I know where I can get 18% plus loans, but I have no desire to do so. I've had no trouble getting credit cards.

I have 3 previously paid off autos in my CRs still reporting, most recent is 2019 and all have perfect payment history.

Any ideas?

[Hotcoals91]

My idea...think about whether you actually need an auto loan at this time

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@Steveo777 wrote:

I'm struggling to find an auto loan. Cap One did not have a pre-approval for me and our credit unions, Golden 1 and Safe CU both turned me down flat.

There is no debt to income issue.

Income from employment is proveable at $95k per year.

Rent is only $900

My FICO Auto Scores are EQ 691/ TU 706/ Exp 672

Granted we are only going on mos post BK, but there ought to be something out there. I know where I can get 18% plus loans, but I have no desire to do so. I've had no trouble getting credit cards.

I have 3 previously paid off autos in my CRs still reporting, most recent is 2019 and all have perfect payment history.

Any ideas?

---

[Steveo777]

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@Hotcoals91 wrote:

My idea...think about whether you actually need an auto loan at this time

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@Steveo777 wrote:

I'm struggling to find an auto loan. Cap One did not have a pre-approval for me and our credit unions, Golden 1 and Safe CU both turned me down flat.

There is no debt to income issue.

Income from employment is proveable at $95k per year.

Rent is only $900

My FICO Auto Scores are EQ 691/ TU 706/ Exp 672

Granted we are only going on mos post BK, but there ought to be something out there. I know where I can get 18% plus loans, but I have no desire to do so. I've had no trouble getting credit cards.

I have 3 previously paid off autos in my CRs still reporting, most recent is 2019 and all have perfect payment history.

Any ideas?

---

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Sounds like something my father would say.

Actually, DW just started a job and there is no way we can make it work anymore with only one car. Her scores aren't as good as mine and I make most of the money.

[CH-7-Mission-Accomplished]

You should buy a certified pre-owned used car for like 10K-15K (think Honda, Toyota) and not a new car for 40K plus.   18% is actually not bad for a fresh BK.   Lots of folks get 24%.    Then pay down the used car at like $600/month using the savings from the bills you no longer have to pay that were discharged.   Then after one year post filing you can start checking with credit unions about getting a re-fi on the used car or possibly getting new car financing and use the used car as a trade-in.    Penfed would probably re-fi it to like 8% as long as you're not upside down.   So that's my two cents.

[Shooting-For-800]

I would find an actual car at a dealership that is modest, reliable, and has a warranty for at a good price.

Negotiate your price and then see what they can do for financing.

ONE HP. 

Kia, Hyundai, Honda, Toyota direct financing should be able to do something reasonable especially if you can put down 20% or so.

GL!

[CH-7-Mission-Accomplished]

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@Steveo777 wrote:

I'm struggling to find an auto loan. Cap One did not have a pre-approval for me and our credit unions, Golden 1 and Safe CU both turned me down flat.

There is no debt to income issue.

Income from employment is proveable at $95k per year.

Rent is only $900

My FICO Auto Scores are EQ 691/ TU 706/ Exp 672

Granted we are only going on mos post BK, but there ought to be something out there. I know where I can get 18% plus loans, but I have no desire to do so. I've had no trouble getting credit cards.

I have 3 previously paid off autos in my CRs still reporting, most recent is 2019 and all have perfect payment history.

Any ideas?

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Also, did you try Carvana's pre-qual?   They will take BK's so long as they are discharged:

"Can I apply for Carvana financing? In order to apply for Carvana financing, you may not have any active bankruptcies. ... If your Chapter 7 or Chapter 13 bankruptcy shows as open (anything other than dismissed or discharged) on your credit report, we will be unable to provide financing through Carvana."

[incognitony]

You may have to do Carvana. It's a soft pull to see what you'd get. You could probably refinance out of it in a few months.

[Loquat]

How long has your BK been discharged? I know you're not happy with the possibility of an 18% interest rate...no one would.

But depending on how far away from discharge you are, you may need to adjust your expectations a bit. While 18% is crazy...0% may be just as far out of reach.

Try a CU like PenFed. They approved several auto loans for me with my BK13 on my report. My interest rates were between 4-5% but that was the cost I had to pay for my past mistakes. I'm thankful those days are behind me.

Best of luck to you. I hope you can find someone to approve you with a rate better than 18%.

[toi34]

Try another CU. With a BK discharge less than a year old you can get a certified car for 3.75% at a CU. OR, try Carvana, they have in-house financing too.

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@Steveo777 wrote:

I'm struggling to find an auto loan. Cap One did not have a pre-approval for me and our credit unions, Golden 1 and Safe CU both turned me down flat.

There is no debt to income issue.

Income from employment is proveable at $95k per year.

Rent is only $900

My FICO Auto Scores are EQ 691/ TU 706/ Exp 672

Granted we are only going on mos post BK, but there ought to be something out there. I know where I can get 18% plus loans, but I have no desire to do so. I've had no trouble getting credit cards.

I have 3 previously paid off autos in my CRs still reporting, most recent is 2019 and all have perfect payment history.

Any ideas?

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