What are the chances of me getting a new car loan after bankruptcy? Also an idea of interest rate?
- Current credit score, 586, 595, 544
- 3,950 monthly income
- Prefect ontime payment for current car that I will let go in BK.
I was able to get a new auto loan at 10% after my BK. Not ideal, but better than what I was expecting. It can get extremely better with good payment history. My current auto loan (the next one) is 0.9%. My BK is still on my reports.
My 431 meeting is mid April. Won't know until then if KMF will allow me to contineu paying on my car without reaffirming. Wish there was a way to get a new car loan before the meeting.
I know that you mean 341 meeting. You will actually start getting offers in the mail soon. Use KBB to see the value of your vehicle, sometimes it's better to just let the vehicle go if you owe more than it is worth. They also won't report to the credit bur. if you reaffirm.
Well i am still awaiting my discharge but i have an approval from New Roads Auto Loans for up to $29,294. Does not require money down and the interest rate is 15.90% for any car or 10.90 if i'm willing to get a CPO car from one of their dealers. Not the best but not the worst either. I am still waiting for discharge to try a few more banks.
I just got approved and purchased a car before discharge
Carvana, 72months, 7.58% APR
i'm super happy with this as i am not even discharged