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Car loan 4 years past discharge

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chosen4th
Contributor

Car loan 4 years past discharge

I'm looking for new car loan.. denied by Ford credit and Chrysler.. I'm 4 years post discharge and have 700-710 between the 3.. trying to do small down payment .. like 5k but going for a 55-60k car with 130k income.. not sure **bleep** is going on, I've seen way worse get approved. I have not bothered with non dealership financing.. not going through any BS like Ally or any high interest rate companies.. any advice? Looking for large suv or pick up

Message 1 of 7
6 REPLIES 6
CH-7-Mission-Accomplished
Valued Contributor

Re: Car loan 4 years past discharge


@chosen4th wrote:

I'm looking for new car loan.. denied by Ford credit and Chrysler.. I'm 4 years post discharge and have 700-710 between the 3.. trying to do small down payment .. like 5k but going for a 55-60k car with 130k income.. not sure **bleep** is going on, I've seen way worse get approved. I have not bothered with non dealership financing.. not going through any BS like Ally or any high interest rate companies.. any advice? Looking for large suv or pick up


Just to get a vague idea of what you can get approved for, have you tried using the Capital One auto navigator?   It's a SP and you can find out what they would be willing to do.   Otherwise, 4 years post BK, you should be good with any of the big credit union for their current rates.

Message 2 of 7
onstar
Established Contributor

Re: Car loan 4 years past discharge

I bought a car in April. I was exactly 3 years post BK7 at the time. I did the Capital One Auto Navigator and got pre-approved for $52,000 at 4.45% (72 month).

BK DC 4/9/2018
FICO 08 (4/9/2018): EQ 647 EX 609 TU 620
FICO 08 (10/16/2020): EQ 676 EX 659 TU 653
Message 3 of 7
Anonymous
Not applicable

Re: Car loan 4 years past discharge


@chosen4th wrote:

I'm looking for new car loan.. denied by Ford credit and Chrysler.. I'm 4 years post discharge and have 700-710 between the 3.. trying to do small down payment .. like 5k but going for a 55-60k car with 130k income.. not sure **bleep** is going on, I've seen way worse get approved. I have not bothered with non dealership financing.. not going through any BS like Ally or any high interest rate companies.. any advice? Looking for large suv or pick up


If you're 2-year post-BK, I would go with DCU or PenFed. they will more likely give you products after 2 year period at a lower APR. easy to join and worth trying before go for any prime lenders. Good luck!

Message 4 of 7
CosmicCash
Established Member

Re: Car loan 4 years past discharge

If you find a car you like with Carvana, they would most likely approve you.  Plus you can found out within minutes if you are pre-approved and a rough idea on what terms you will get online with no hard pull on your credit  

Chapter 7 Filed: 3/31/21
341 Meeting: 05/04/21
Discharge: 07/14/21
Message 5 of 7
Caliboy97
Contributor

Re: Car loan 4 years past discharge

I would recommend Capital one auto navigator to give a estimate of an approval you can get. Did it twice and got both.

I got a 40K loan in February and 50K auto loan in May. Both with 2500 down. Credit score around 665 and discharge was in September of last year. 

Bankruptcy Discharge 9/21/2020
Starting Scores

May Update (Moving)

Slow and Steady Rebuild. Around 15K in revolving credit at 2% and 45K Auto Loan! Hoping to start upping those limits over time.
Capital one Platinum and Quicksilver | Kia Financial 49K auto loan | Navy Fed Secure Card | OpenSky Secure Card | Schools First FCU Card | Grain account | KikOff Loan and credit account | Student Loans Perfect history 16K left
Message 6 of 7
ballysdad
Regular Contributor

Re: Car loan 4 years past discharge

I went with PenFed 1 year out and got under 5% on a used car loan.

Message 7 of 7
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