What auto loans should I apply for?

[Anonymous]

So since I have a baddie in chexsystems I cannot apply for loans at a credit union. Just tried with my local credit union. I complete the pre-approval tool for Capital One. I was pre-approved for $35,000 but it states it's only available at 2 dealers which are over an 1 hour from where I live. Do I have to use those two dealers?

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[Anonymous]

Just reporting back. I applied to Honda Financial ....denied! I knew that was going to happen. I applied to Capital One. I got preapproved for $22000 range of 6.95-10.5 APR! I'm very excited. I do have upload some supporting documents, but it's a step in the right direction!

[Anonymous]

Congrats!!

I was in the same boat as yours. I have got denial from Audi financial at the dealership.

[Anonymous]

Just wanted to let you all know that I got my car. A 2012 Honda Civic EX!!!!  I am so excited.  I did not end up going with Capital One, when I got to the dearship apparently they wanted $2000 down.  I went with Ally Financial. 

[Anonymous]

Congrats!! 

I am in the same situation except that I am in the BK 7 process now. When trying to apply at a credit union you 1st have to pay $$$ to 1st open a bank acct before you can apply for an auto loan don't you? So then that would mean you would have to open numerous accts with several different credit unions or am I missing something? I'm trying to figure all this out before I go to dealerships, Im only looking online now and kind of know what I want and want to keep it under $20,000. I was told its better to buy brand new rather then used because it makes the chances alot better when trying to get financed.

[Dj4Money]

 Dealers make cash profit on used car sales. They make that AND get Manufacturer Bonuses (Yearly, Quarterly, etc) by selling new cars. 

 However since the Financial Crisis, used car sales have shot up, so used car prices have shot up too. This is why lots of dealers say they are actively looking for used cars and trade-ins.

 Used cars sell 5-1 vs New cars

 There's alots of things going on here. Incomes are not going up on average but the average car sale is now $31,000

  If your in the BK process, use Auto Credit Express. Capital One won't touch you and neither will most Credit Unions.

  You can also try Road Loans, but PLEASE get a NEW car, because used cars have deprecated and will continue to do so; plus your paying a high interest rate which means you''ll be upside down for the majority of the loan's term as your not making any dent in the principal.

 I highly recomend a Hyundai Accent like the one I am driving currently. It's affordable (I paid $15,295 for mine, $2,000 off sticker) and my credit wasn't perfect then (No BK but I had a whatever you want to call it repo in 2009). Long warranty if you keep it and gets good gas mileage (38-39 on the high way) I average 34-36 mostly driving in-town.

 Hyundai and Kia Finance is also fairly aggressive and will take people with problem credit. 

[Anonymous]

What is Auto credit express and Road Loans? And these you can get financed while being in chapt 7 before discharge? You say credit unions and capitol one won't touch  us? What about once we have a discharge? Thanks