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Advice for new car loan

Marinebrian89
New Visitor

Advice for new car loan

My chapter 7 bk was discharged back in October 2015.  About 2 months after discharge I got about a 13k loan for a 2013 car for about 315.00 a month at 17%.  I now need another vehicle and Marine Federal Credit Union which is my current bank I have been with for over a year just denied my application in 2 minutes flat for a used auto loan.  I have about 1500 to put down.  Any suggestions on getting the best rates and deals?  Certain banks to use for certain dealerships maybe?

Message 1 of 5
4 REPLIES 4
Scupra
Super Contributor

Re: Advice for new car loan

NFCU could possibly be an option. What was the reason given for denial?

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
759 EQ FICO 03/2021
754 TU FICO 03/2021
743 EX FICO 03/2021
$29k NFCU Platinum | $30k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold
Message 2 of 5
Marinebrian89
New Visitor

Re: Advice for new car loan

Burned NFCU in my BK so thats not an option ever again.  MFCU denied me because they have a policy of no BK's in the last 3 years.  Looks like buy here pay here for me lol.  Piece of **bleep** with 25% here I come!

Message 3 of 5
wissam
Contributor

Re: Advice for new car loan

Message 4 of 5
harleygirl1987
Frequent Contributor

Re: Advice for new car loan

I worked at PenFed before they screwed me as an employee because the manager was a big B. However.. you could try them. They give out loans on people I swear should not have a loan period, and they just started risk based lending. I know as an ex employee, and one who is going to file banko i'll be blacklisted, but as someone who hasn't worked for them it's worth a shot. You could call the MSR line, and see if you can get ahold of someone who's not a nitwit and talk with someone who's at the loan desk regarding approval before you apply, or you can just apply online and they'll tell you right then yes/no/maybe so. However you have to get them the title with them as a lien holder within 6 months otherwise they raise your rate to a perosnal loan rate, that's the only down side in my opinion with lending with them since a lot of people don't want to deal with that, and the fact that they are very understaffed things get missed and the waiting can sometimes be a long time depending on what loan product you're looking at.

Ch7 BK filed 7/5/16, DC 10/12/16
Message 5 of 5
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