Auto Financing after Ch 7

[Anonymous]

I finally made it. My ch 7 is complete. I began the rebuilding and disputing process early on after visiting several posts. All of my accounts are reporting llb with a zero balance. I got approved for a Capital One secured card with a $200.00 limit. Guess I gotta start some where. I am a member of 3 cu that don't look to kindly on bk. I can do a credit rebuilder loan with one and I will be taking advantage of that real soon. I only have student loans left, that I am currently paying on. I am in dire need of a car being that I totaled my out 3 months ago. Of course everyone is saying what till my discharge is through and they will finance me. In regards to the cu financing will I do better if it is submitted through the dealership or try and apply directly with them. I know they can offer lower apr than whe lenders at the dealership.

Filed ch 7 08/26/14

Discharge 12/15/14

TU 555

EQ 601

EX 554

[Anonymous]

Are you eligable to become a member of NFCU? If so I would join and try to get an Auto Loan with them. I took a hit when I had to purchase my car after BK and had to pay a 16% interest rate after paying about 4 payments NFCU refianced my vehicle for 5.39% saving me over $150 a month! I would try to go through a local credit union prior to having a dealership run your credit due to the fact they run it through 5 plus banks. Good Luck!

[0REDSOX7]

I got dealer financing five days post discharge for two auto loans.  One at 12.99% and one at 18.99%.  Make sure your credit report is as clean as it can be (all accounts updated to show IIB, etc).

I refinanced seven months later with a local CU at 2.69% for both vehicles.

[Anonymous]

Just an update. I was able to secure financing through the dealership with a 6% apr not as bad as I thought. It was a good thing that I had myFico during my bk. Thanks myFico for all the great info. 

I finally made it. My ch 7 is complete. I began the rebuilding and disputing process early on after visiting several posts. All of my accounts are reporting llb with a zero balance. I got approved for a Capital One secured card with a $200.00 limit. Guess I gotta start some where. I am a member of 3 cu that don't look to kindly on bk. I can do a credit rebuilder loan with one and I will be taking advantage of that real soon. I only have student loans left, that I am currently paying on. I am in dire need of a car being that I totaled my out 3 months ago. Of course everyone is saying what till my discharge is through and they will finance me. In regards to the cu financing will I do better if it is submitted through the dealership or try and apply directly with them. I know they can offer lower apr than whe lenders at the dealership.

Filed ch 7 08/26/14

Discharge 12/15/14

TU 555

EQ 601

EX 568

[Anonymous]

Is it ok if I jump on here and ask for some help? I posted somewhere else and never got any replies. You said you were glad for the info you got here when going thru BK. What exactly did you do that you think helped you with car financing?
Again, not to hijack but I'm needing advice! Our chapter 7 was discharged in November. Last week we got two unsecured Capitol one cards (mine for $2000cl and my husbands for $500 cl) plus one secured card with Wells Fargo. My credit karma score is 610. If you have any advice for what you did, OP, could you share? I'll also post my own thread in this section of the forum. But thanks for any advice!!

[Anonymous]

I actually started the disputing process early right after my 341 creditors before my bk was discharge, to ensure that all my ca's would be reporting correctly. I had some items that were deleted during this process. Last week I applied for the secured c1 card and was approved. I have also opened a $1000 credit rebuilder loan at my cu. If you haven't already pulled your reports to make sure they are reflecting correct info PLEASE DO SO. It will take patience because it doesn't happen over night. Also if you haven't already be sure to read Soulmaster's HOW TO: From BK7 discharge to 700 in 24 months or less! http://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/td-.... This is why I began the disputing process early, because I knew I was in need of a vehicle and the bk was what was holding me back.