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

[Brian_Earl_Spilner]

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@christina35 wrote:

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. 

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People do it all the time. You can also buy new and refinance. The only time it won't work is if you're too upside down on the loan and/or the depreciation on the trade in was too much.

[chosen4th]

Its so crazy how different Cap1 treats everyone.. ive been discharged almost a year and cannot get approved with them.. Finally just got a $500 platinum from them.. but i see some people get 1k right away.. dont understand them

[audio-disabled]

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@christina35 wrote:

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. 

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Have you heard back from CapOne yet?

If CapOne is not able to approve you, but you still need a truck or at least a vehicle, go with Carvana. Remember what I said, I started out with 22% interest rate, then refi'd in 7 months, my current rate is 13.3% now. 

If you get it at 16% rate, you could qualify for even lower rate when you refi with a local CU after 6 on time payments.

[tooleman694]

Do you know what your scores are? At Toyota a 650 Fico will get you good rates, that is what I did after the discharge.

[christina35]

So I some how managed to end up on the Lending Tree website, entered my husbands information but then I think I messed up (my coworker was talking my ear off) But Capital One came back PRE Qualified. 

I put my husbands income in but in addition to that, I put his VA disability as well as my income vs my pay & the VA disability in the additional income sources field. 

Will that end up in him being denied once we send in our paystubs & va disability letter? 

[audio-disabled]

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@christina35 wrote:

So I some how managed to end up on the Lending Tree website, entered my husbands information but then I think I messed up (my coworker was talking my ear off) But Capital One came back PRE Qualified. 

I put my husbands income in but in addition to that, I put his VA disability as well as my income vs my pay & the VA disability in the additional income sources field. 

Will that end up in him being denied once we send in our paystubs & va disability letter? 

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It's an income verification. You could be likely approved; no promises. I've read several posts here about income verification, but can't remember top off my head with the outcome on that.

[Brandi_Investigator]

I was approved with Carvana at a rate of 13.36 before discharged.

I was approved with RoadLoans (I went through lending tree) at rate of 16.00 before discharged.

I was approved with Cap1 at a rate of 8.63, 3 days after discharged. I went with Cap1

[lavonda]

Have you checked into Caravan. I’ve seen that place online before. But I can’t tell you how the work. I’ve seen on Facebook were people get autos delivered to them.

[Anonymous]

NFCU approved me for a secured CC approx 1 month after discharge (and only with them for a week or two).

For autoloan, I went to a Nissan Dealer and got a CPO sedan, was approved for a loan with Nissan Motor Finance at 13.5%. Not amazing, but the payment was in my budget, I was one month out of BK and I needed something badly. 

Plan to refinance with NFCU once I'm confident they will approve a loan (likely after the CC unsecures).

Edit to add: The only loan requirement with Nissan was that I not keep my other car which was surrendered in the BK but reported as still 'open' on my credit. There was no DP as I was completely broke post BK. 

[christina35]

Update: Capital One used my husbands income alone, He was approved at 7.2% and he drove a 2017 off the lot Saturday. 

Thanks everyone for your thoughts