Need Car Loan Soon, What are Options?

[Anonymous]

This is actually for my husband.

We're 7 years post BK CH7

Credit Score: 623/622/611

(Auto 8, according to MyFICO: 646/635/612)

AAoA: Oldest is 21 years, an old Student Loan newest are car loans, refi student loan and personal loans about 5 - 7 years

# of positive trade lines: Paid off car loans, currently paying on personal loan

# of negative trade lines: Negatives are the bk and three student loans that show claim filed but paid (refi'd through another lender)

Income: $52,000

Lenght of Employment: 1.5

Previous Loan Experience: 2 paid off car loans, paid off in 2013 and 2015

Debt-to-Income (DTI): 32% w/o my income

We haven't picked a vehicle yet, but here's what we're looking for:

Year of Car: 2012 - 2014

Miles: < 40K

Purchase/Refinance: Purchase

Requested loan term (XX Months): 60 - 66 months

Down payment amount: Trade In (Hopefully ~ 1K)

Co-borrower/Co-Signer: Possibly me if needed but scores are waaay worse than his

Other:

[Anonymous]

I would suggest one of the CUs that others on here have had good success with, like DCU, Penfed, Nasa, or SDFCU.

I personally hate to go to a car dealer without having my financing worked out, but others have been pleasantly surprised with a finance deal they worked out at the dealer.  I hate the idea of the shotgun approach to getting an auto loan approved with lots of INQs left in the wake..

The CUs above have ways to join without being in the primary membership class, just check the 'who can join' section and look for 'other'.

Have you done the standard things like have 3 CCs reporting, all zero except one CC with less than 10%?

If you are 7 years after BK7 have most of the events rolled off your CRs?  If not, you can try for Early Exclusion, lots of posts about it in the Rebuilding forum.  Basically, you ask the CRAs for EE before the full 7 yrs.  TU will do 6 months, EQ maybe 3, and EX more like 1 month.  You have to ask for EE and not deletion.  They cant delete just because we ask, but they can decide to exclude early, meaning it doesnt show anymore, unless someone pays extra for a full and factual report.

HTH