Car Loan with 542 Credit Score?

[0REDSOX7]

What do you guys think?

ill need a car loan post BK discharge in February. 

Right now now im at 542 (experian). I'm looking for around 16K loan. Thinking capital one auto. 

Tell ell me there is hope!

[wallstreet177]

that was my score when i got a loan through CapOne AF.  but beware of the 23% interest rate you will be getting.  

I financed 15k, my payment is 390.  I'm thankful I can afford it, but i am hoping that once I get some of these baddies off my report, i can refinance for a lesser rate.

As long as you have a job, you should be able to get a loan somewhere.  

[0REDSOX7]

Thanks. 

My my current car payment is/was 492 so I would be happy with 390/410 range. 

Income me is fine, just the BK that's killing me. 

Did is you have to send any documents in? Use a dealer or blank check?

[Whitneyy]

What about roadloans?

I've heard of that, not sure of many details.

[tommywerdine]

Go to a dealership and discuss your options. You should be able to get a loan, are you going to be putting any money down at all? Are you trading anything in?

I'm in car sales... And I see plenty of people out of BK getting cars.

[lavencedora]

I got my Capital One auto loan with a score around there. I had a secured card and 2 small unsecured cards for about a year before and my interest rate was 14%, horrific compared to normal rates these days ... but better than the 20+% mentioned on this thread. You can apply online & they may ask you to upload a couple of documents ... then they send you a blank check.  I financed about $17k and my payment is $360. I also hope to refinance sometime this next year at a lower rate. I have a good income & can afford it without stress, but can't wait to have a normal interest rate.  Anyway, it's a good route for someone who needs the car, can manage the payment, and doesn't have huge number of options. I would take the blank check to the dealership & tell them you don't want their financing -- if you do that, you have to insist because they will push to do the financing. They will shop it to a ton of banks, doing a bunch of hard pulls & they aren't going to get you a much better rate.

[0REDSOX7]

Yes. Putting around 1K down. And no trade in. 

[GBguy]

do they have a minimum amount they will finance?

[0REDSOX7]

I think it's 7500, but with Cap One, the rules are the vehicle has to be less than 7 years old/70,000 miles.

I am looking at a certifed Honda Accord for 15,850.

[0REDSOX7]

Well on the upside, my score went up two points to 544 today.