Help! We need a Truck - Ch. 7 was discharged last week

[christina35]

Bare with me. My husband and myself had our Chapter 7 discharged last week. He desperately needs a truck as he drives all day & his truck is on it's last leg. 

Below are all the creditors we burned and as you can see, it was a bunch. I will never let us get in that deep again. In addition to Penfed we also burned a local credit union and Amex.

CreditKarma FAKO scores for my husband are TU:666 Eq:659 

My CreditKarma FAKO scores are TU: 578 Eq: 657 (I think I read some posts yesterday where some people had a big discrepancie in their scores as well)

Both our vehicles are paid off and we did reaffirm our mortgage. We roughly bring in $85,000 a year. I've read old threads and read old threads until I was blue in the face but I'm still confused as to what course of action to take to get a lender to approve us for a truck.  Especially because I don't know that we have 6 months to try and get a Secured card through NFCU (he is a veteran) 

I'll take any suggestions! 

Penfed

Best Buy

Barclay

Barclay

Capital One

Target

Amazon Store Card

Fingerhut

Napa

Chase

Chase

Napa

Walmart

Walmart

Penfed

Old Navy

Capital One

Care Credit

HSN

Wayfair

Lowe's

QVC

Paypal

Paypal

Overstock

[sccredit]

Try the Cap One auto navigator and see if you can get a preapproval.  

[audio-disabled]

CapOne, like the previous poster said.

Try CU and get their feels. If you don't have CU checking bank, open one with them. Then see what you can qualify for an auto loan with the CU. If that doesn't work out, your next step would be looking for dealership with salesmen or dealership with bankruptcy specialist.

Fair warning here, they could be out of way and takes time. I lived in Austin, TX and while I was in BK7, I was able to secure an auto loan in Kileen, TX at 22% rate before discharge, I had to have a car.

But since you're out of BK, you could qualify for lower rate, but it may not be pretty. I started out at 22% with Consumer Portfolio Services, after 6 or 7 on time payments, I refianance with CU and the rate came down to 13%. I was able to qualify for 6-something interest rate, but my loan was still underwater at the time. But this is something you can do.

If I can do it, you can do it.

[christina35]

@audio-disabled I meant to include this in my original post, I’m glad you touched on it....

We are in Texas as well. I didn’t know if I was being naive in thinking we’d get approved at a less than stellar interest rate and then refinancing 6-12 months later for something better with possibly Navy Federal.

[Brian_Earl_Spilner]

I don't think cap1 will deal with you yet. Try carvana or Toyota. They can finance anyone. Carvana is also a soft pull, but you can get an idea of rates and payments after initially applying. They also were beating cap1 by 2-3% for me.

[christina35]

Thank you Brian. I was toying around wih the Carvana idea last week. I didn’t poke around too much because I didn’t know if it was a soft pull or hard pull.

Toyota - we would love a Tundra. I have past history with Toyota financial (I financed with them years ago & paid off my loan with them 0 lates but this was well over 10 years) I wonder how we would fair.

Thanks for your input.

[Brian_Earl_Spilner]

Its definitely a soft pull, but the rates shown will be locked until either a month and a half have passed, or you actually try to buy. So, you won't see any changes as your credit gets better or worse. But, Drivetime, the largest bad credit dealer in the country, is behind it so you will get a good idea of rates, down payments, and finance charges that you can expect even if you go elsewhere. As for Toyota, they deal all the way down into deep subprime so they can most definitely finance you. They may even remember you and give you additional cash back or a rate discount.

[christina35]

I ran this by my husband. In anyone's experience have you :

Purchased a car (with a not so prime rate) we're not looking for something fancy, just something for my husband to do his job in. Waited 6 months to build up credit and then trade it in for preferably a new truck and hopefully finance that through a credit union?

We hope to go to NFCU this weekend, open an account and ask about an unsecured card to begin building a relationship with them. 

As always thanks for any input. 

[Pharoe33]

I discharged throuch Chapter 7 last month and a week after discharged I was pre-approved by Capitol One for a 35K auto loan. I highly advise that you make sure all three credit reports update that your bankrupt is now discharged before you apply. 

[christina35]

That's awesome for you. I bet that was a relief. I checked Cap One this morning and got the 7-10 days letter in the mail message. 

I checked Carvana like someone suggested and it gave me 15.99% rate. I can't fathom doing that rate. 

Back to the drawing board.