Just a heads up, Ford has a promotion right now that offers 0% APR for 60 months to anyone with credits Tiers 1-4 through Ford Credit/Financing.
That is a HUGE chance to buy a car at 0% APR (which is pretty much impossible for anyone with a recent bankruptcy.
Look at their website for the incentives of "0% APR for 60 months". I know it works with brand new Fusions and Escapes, but I think the promotion is going on for most of the models.
If you're looking to buy a car, specially brand new, this is your chance at a 0% rate.
PS: I don't work for Ford, just thought the community should know that I am not making any money or anything, just want to help the community.
What are the credit score ranges for Tier 1,2,3, etc... I just got discharged from my Chapter 7 last week. My current score is around 590. Would some one like me qualify?
Every Dealer has a "Tier type". Tier 1 is the highest (720-760 score), Tier 2 (660's-680's), etc. I dont have all the numbers on hand.
My Experian V8 FICO is 641, but the Experian V8 FICO "Auto" showed up as 597.
My wife has a V8 FICO Auto of "480", and she was able to buy it with me co-signing it.
Do you have a lot of LATES/repossessions on Autos? I'm asking this because the credit their pull is different than the regular FICO.
You would probably qualify (as long as you don't have a lot of late Autos repossessions), but you will need some down payment.
My wife got a 2017 Fusion SE that came out after taxes to be $31,000 with $5K down payment (0% APR for 60 months).
If you buy a cheaper car, I can guarantee $2K would be enough to get it out of the door.
I've looked around (Toyota, Honda, Nissan, Lexus, Acura) and noone has this type of promotion.
If you need a car, go there, I think the promotion ends on 11/30, and there are also incentives depending on the model (check ford.com for more details).
This is really the best chance to get a brand new car after a bankruptcy.