Not sure which forum this should be in, so sorry if I picked the wrong one!
Anyway, my scores are upper 500s, and I need a car loan. I have a new baby on the way, and really need a bigger car before April. I'm trying to do the best I can getting my scores up before I apply for a loan, but I'm not sure how much higher I can get them. I'm assuming I can get to at least low 600s by the time I need a loan by paying down my cc balances, and hopefully getting somemore disputes settled.
So the problem is that I need to find a bk friendly loan company. I'm assuming the major companies, ford, gm, etc, won't touch me. My chap 7 was discharged 1/31/06, so *almost* 2 years ago.
Anyway, if anyone has had luck getting loans while their ficos were still low, I'd love to know what company you went through!
Anna...any baddies since the BK was discharged? From my personal experience several years ago....we applied for an auto loan 22 mo's after our ch. 7 was discharged...we had perfect pay since the BK no new baddies since the BK and had very low util (15%) on rebuilder cc's and we were approved through 3 companies (we used lendingtree.com) We ultimately picked Capital One Auto Finance....11% interest. They told us we could refi after 6 mo's of on-time payments...which we did... to 8.9% I have read on here where people have had success with credit unions.
Good luck with the birth of your child and on getting an auto loan!!
Thats correct.......stated above....I would join a credit union first and try them....I just joined my local one and they told me there is no waiting period to apply for a loan....I would recommend you get to at least mid 600
Very BK friendly, I know someone who has been 2 years out of BK and she got a great rate 6.50% NEW CAR loan. Check them out ! I myself have to wait about another year or at least until I get my 72 month loan paid down. I got a car loan through HSBC at 14% last Sept 06 and CAP ONE said they'd take over at 12% just this month, yeah not so great, but being out of BK what can ya do!