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Car loan after CH 7

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Re: Car loan after CH 7

I kept an eye on my credit reports in the limbo between the 341 and discharge and tried to get things cleared up as much as I could then.  My car lease was ending 2 months after my discharge and I knew I would need to do something.  I reaffirmed it because I had a perfect payment history and didn't want to get my self blacklisted from Toyota with 2 months left on a lease.


I ended up leasing a Nissan less than a month after my discharge.  My scores weren't terrible at that time, but obv. such a recent bankruptcy was a huge black mark.  Hyundai said they couldn't help me yet.  I didn't try with Toyota, though I've heard they are bk friendly if you haven't burned them as is Ford.  I got a loaded 2015 new Altima (same "price" as a basic 2016 one) with only first month's payment, tax and registration down.  Good luck.

Message 11 of 15
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Re: Car loan after CH 7

You can get a car before your BK is discharged but it won't be as good as a deal you can make once your BK is discharged.  You can ask around at your local dealerships to see who will help you.  A LOT of salesmen will say yes we can but then the deal they offer you sucks the big one.  Best to contact the finance managers and find out if they deal with recent BKs. 

I got a new 2015 Honda Civic Coupe LX  within 3 weeks of discharge financed through Honda Financial.  The interest rate is high but I have a new car that holds it value better then a lot of other cars and I can refinance at my local credit union after a year post BK at a much lower rate.  One nice thing with Honda Financial is after one year of on time payments, you are in good standing with them so you can get those special finance and lease deals they offer. 

This was after getting jerked around by other dealerships, yes we can finance you this lovely used car with 99,000 miles at 15%, NO NO NO or this lovely used car at 25% NO NO NO.  Realize you will not get the super low rates but you don't have to settle for a bad deal.  Be willing to walk away if neccessary and try another dealership.  I couldn't finance with Capital One since my previous car was financed through Cap One and I did not reaffirm my loan.



Message 12 of 15
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Re: Car loan after CH 7

Cap One should be your first stop...they seem to be very forgiving. I got a $32k loan for a 2015 Expedition at 8% with $0 down 9 days after discharge. 


Good luck!

Message 13 of 15
Frequent Contributor

Re: Car loan after CH 7 is another place I've been reading in the auto forum, they also seem to have very good reviews online.
BK Discharged 06/02/2016 SCORES AROUND 475

Current scores:
Message 14 of 15
Established Contributor

Re: Car loan after CH 7

How many months post BK were you when you aquired your car loan and had you established you credit post BK before applying?

Message 15 of 15
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