Checked on auto finance rates.....WOW!!

[Officer737]

Since filing I have been getting the mails daily about building new credit so I talked to one of them in regards to an auto loan. 20.49% interest for 60 months. WOW! I thought most people stopped smoking crack and decided to smoke meth instead, guess I was wrong after hearing those rates. 

[DaveSignal]

The drug references are not necessary.

A high interest installment loan for sub-prime credit ratings is not a good way to look into rebuilding credit.  Others in the rebuilding forum would be happy to help you if you present your situation there.

[Officer737]

I apologize if offended anyone with the drug references, it was an attempt at humor and quantified my amazement at such a high rate. It my profession, humor helps get us thru what we see on a daily basis, guess it isn't so elsewhere.

Thank you for your recommendation. 

[0REDSOX7]

I put a fraud alert on my credit reports - it helped get them to stop.

Local dealerships still contact me (which is nice, because I will need a loan after BK discharge), but none of these "pre-screened offers" that I was getting right after I filed.

[Scupra]

Try and wait it out as long as you can. Get a credit card asap and start building a history so they have something to look at. I waited 1 year post d/c and was approved through NFCU for an auto loan at 4% Keep your head up, it will get better!

[0REDSOX7]

How does one get any type of NFCU account, anyway?

[Scupra]

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@0REDSOX7 wrote:
How does one get any type of NFCU account, anyway?

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There are a couple different ways to join. I am not an expert on them so I will link it for you.

https://www.navyfederal.org/how-to-become-a-member/how-to-become-a-member.php

[0REDSOX7]

Yeah - I did that, and am not eligible.

Just seems that every one on here goes to NFCU, but I guess they all meet that criteia...

Thanks, though!

[ezdriver]

My ch7 discharge was in April of 2013. My local credit union just offered to refi a 21% auto loan for me at 5%. I don't understand why anyone would be shocked at 20% or more interest rates for applicants with bad credit.

[0REDSOX7]

I am expecting 14-18% range - and can live with that for a year or so until I build up credit again.