Car loan after bankruptcy discharge

[Anonymous]

Hi everyone. I recently had my chapter 13 bankruptcy discharged after completing my repayment agreement. It took me nearly 5 years. I was able to get an FHA loan last year with my husband and we are currently finalyzing a refinance because we were able to get more then 1% lower on our interest rate and with the increase of the FHA loan amount we will be getting cash out which will allow us to payoff my husband’s high interest rate credit cards.

I was told today if we wanted to consider purchasing a new car before the refinance is settled we could apply and then my husband’s income, etc would have to be reverified, but that if i want to apply on my own it would be fine. Guessing it has something to do with him being the primary borrower. Anyway their response has me intrigued as to whether or not I want to see if I can get a loan on my own. I am currently looking at a 2018 Lincoln Navigator so if I were to go through Lincoln Financial it would be the same as Ford Motor Company. My dealer said that they think experian is the primary bureau but our location tends to like Transunion. He doesn’t know which score model they pull though. Whether it be auto enhanced or not. Do I give it a whirl to see if I can get approved on my own? Or do I wait? I also belong to a credit union too. Below are my auto scores. Thanks in advance!

Equifax/TransUnion/Experian
Auto Scores 5/4/2
670/648/665
Auto Score 8
678/640/677
Auto Score 9
655/650/684

[FireMedic1]

Welcome to the forums. Best bet would be to google auto loan pre-quals. Theres a bunch and could give you an idea where you stand. Nobody really will say go for it. Least myself dont want to be quoted you told me to apply and I was denied. Good Luck!

[Anonymous]

Thanks FireMedic1!  I decided to hold off and wait until we close on the refinance.  We received an email that says we are "cleared to close" from the mortgage company, and I don't want anything to do to risk it.  I know the loan officer said if i applied on my own I would be fine.  I just not willing to take the chance.  Also I am a little bit afraid of rejection.  I think with those scores, and my income I could get approved for a loan.  Not sure it would be for the specific vehicle I want and interest rate I would want, so I am better off waiting for my husband.  If the vehicle is meant to be it will still be available after 3/8.  At least that is what I keep trying to tell myself :-)

[FireMedic1]

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@Anonymous wrote:

Thanks FireMedic1!  I decided to hold off and wait until we close on the refinance.  We received an email that says we are "cleared to close" from the mortgage company, and I don't want anything to do to risk it.  I know the loan officer said if i applied on my own I would be fine.  I just not willing to take the chance.  Also I am a little bit afraid of rejection.  I think with those scores, and my income I could get approved for a loan.  Not sure it would be for the specific vehicle I want and interest rate I would want, so I am better off waiting for my husband.  If the vehicle is meant to be it will still be available after 3/8.  At least that is what I keep trying to tell myself :-)

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10,000% agree. When its time, you'll know when. You guys dont want nothing to interfere with the closing in any way. Your coming around 3rd base and ready to score. Once the house is done. You'll see multiple better offers cause you'll be a home owner now! CONGRATS! Glad I could help a little bit. Just send me a house warming invitation. LOL!!!!!!!!!!!!!!!!!!!!!!