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I get discharged next week on sept 22 and I am wondering has anyone had any luck getting an auto loan fresh out of bk ? With no money down? Right now my credit scores are in the low-mid 500's but again this is before discharge so I'm not sure how much they will drop or rise after. Any help would be mucho appreciated .
Also right now I have a secured capital one credit card for $200
my income is $2500 . I had one guy from the dealership tell me after bk it's more so if you have the income. I'm looking to purchase a vehicle around 30-40,000 (jeep, camaro) but I also need to be realistic. What were some interest rates you guys received fresh out of bk?
I got an auto loan during bankruptcy as I surrendered my previous car. The interest rate is 15.29. My discharge is scheduled for the 22nd of this month and I hope to refinance within a month or two.
My scores were EX: 522 TU: 533 EQ: 550 on 8/24 when I went to the dealership. I did not have to put any money down. The car had rebates which we used in lieu of a down payment.
With your monthly income, $30-$40K is a very expensive car.
I got esxcellent terms (6.8%) and had an easy time with Carfinance.com this month. I was discharged in the Spring of this year. The loan was for a specified amount, which means it could have been no money down had I chosen a car that cost less than that. I am well-employed. The car had to be from a franchised dealer in my state - one that sold new and used cars. The paperwork was easy and the turnaround time was quick. I was surprised. Good luck.
30-40k car on 2500/month income?
is this gross income or net income?
because the rule of thumb is every 5k is about 100 a month in payments... in the financing terms after bk i would say about 120 a month.
so youre looking at 720-960/month on 2500 a month income... without even including registration, insurance, gas or maintenance???
if thats a gross monthly income that puts you at over 38% LTI on one single installment thats a secured asset.
many lenders wouldn't approve that honestly.
I went to Ourisman Hyundai Madza. The have 1st, 2nd, and 3rd chance financing. It's financed through First Investors Financial but I will be refinancing after discharge.
@Anonymous wrote:I get discharged next week on sept 22 and I am wondering has anyone had any luck getting an auto loan fresh out of bk ? With no money down? Right now my credit scores are in the low-mid 500's but again this is before discharge so I'm not sure how much they will drop or rise after. Any help would be mucho appreciated .
Also right now I have a secured capital one credit card for $200
my income is $2500 . I had one guy from the dealership tell me after bk it's more so if you have the income. I'm looking to purchase a vehicle around 30-40,000 (jeep, camaro) but I also need to be realistic. What were some interest rates you guys received fresh out of bk?
If you can wait 6 months I would suggest doing so. You will likely get a much better interest rate. In the meantime work on establishing two secured credit cards and a small secure personal loan to get your scores up.
@shadanat wrote:I got an auto loan during bankruptcy as I surrendered my previous car. The interest rate is 15.29. My discharge is scheduled for the 22nd of this month and I hope to refinance within a month or two.
My scores were EX: 522 TU: 533 EQ: 550 on 8/24 when I went to the dealership. I did not have to put any money down. The car had rebates which we used in lieu of a down payment.
With your monthly income, $30-$40K is a very expensive car.
Ooohhh. yeah, I missed that. That is NOT realistic at all.
@Anonymous wrote:
@shadanat wrote:I got an auto loan during bankruptcy as I surrendered my previous car. The interest rate is 15.29. My discharge is scheduled for the 22nd of this month and I hope to refinance within a month or two.
My scores were EX: 522 TU: 533 EQ: 550 on 8/24 when I went to the dealership. I did not have to put any money down. The car had rebates which we used in lieu of a down payment.
With your monthly income, $30-$40K is a very expensive car.
Ooohhh. yeah, I missed that. That is NOT realistic at all.
IMO, OP should be looking in the $15K range.