What to expect

[Anonymous]

Hello,

I'm wanting some information about a future auto loan I plan to get. I would like to buy a Dodge Charger RT ($30k) with $5k down with a credit score of 650 at a term of 72 months. It'd also be helpful to mention that when I intend to buy I would be one year post bankruptcy. What would the interest look like and/or would you recommend me getting a higher score before purchasing?

Thank you!

[Anonymous]

Credit scores vary and different lenders use different ones.

I am not just talking about FIKO vs FAKO or Experian vs Trans Union.

Some lenders use FIKO mortgage score, some use Auto 8 some use other scores.

It's best to try and determine what exact score they use and then find out what yours is.

At 650 you will likely be approved but maybe not the best rate.

Consider trying a local credit union and going to the dealer with approval in hand it's very empowering to know all the details before making a deal.

[4sallypat]

Have you tried the Capital One Auto Navigator SP to see what you are qualified for (total loan amount & APR) ?

[Loquat]

I echo the thought of going with a credit union. Obtaining an auto loan even a year post BK is fairly easy...especially with the right down payment.

I'm assuming that a $35k means you're going new and it's $35k after rebates?

Do you have any positive tradelines reporting post BK? What does your income and employment history look like?

Even with blemishes I know that Santander (Chrysler, now Stellantis's captive) is a full spectrum buyer so a Finance manager can hang A paper all the way through D paper without issue as long as the deal is structured right.

Chime back in with details if you want us to further elaborate on what you may be looking at.