@Anonymous wrote:My mom needs some help from the forum please.
She is looking to get a new car, and stopped by her bank yesterday (BoA) to see if they could approve her for an auto loan. Her credit scores are currently TU 716, EQ 708, EX unknown. They denied her application yesterday, citing her bankruptcy from 2010. She is a little disheartened about the whole thing, assuming her best chance would be with her bank.
What are he options at this point? We plan to go to my credit union, to see if a bankruptcy would keep her from getting an auto loan from even them. I know that there are dealerships out there that specialize in situations like this (super high APR's), and would like to advise her accordingly, in case the credit union route is a no-go.
Thanks in advanced everyone, this forum has been a godsent really.
Try a different bank. CU's are a better way to go IMO... My recent auto loan was approved $42k with $0 down and I'm still waiting on my Ch 13 to fall off my reports in a year.
Sure they'll cite BR... when they do move on to another.
@Anonymous wrote:
@Creditaddict wrote:before she goes running INQ's all over town, what kind of car does she want to buy?
If she is looking to buy something new she could probably qualify for the promo APR specials from the manufacture of what she wants to buy and should just do that.
Well it was my understanding that shopping for APR loan rates was typical, and it would count as 1 inquiry on your CR, if all inquiries were done within a two week period or so. They are but the actual inquiry from each bank or other financing institution is recorded.
I would rather her have a loan guarantee before walking into a dealership, and settling for a worse rate. I would walk in with your preapproved financing and have all the credit reports frozen, there are instances of all kinds of inquiries being run to see if they can beat your pre app rate being done behind ones back, freezing your CRs prevents this from happening.
