Reasons why some are getting approved for auto loans and some aren't..... [Archive]

carbk

03-24-2009, 10:20 PM

I included 2 auto loans in my bk, I voluntarily surrendered both vehicles. Is this the reason why I can't get an auto loan now vs. someone who maybe didn't have any car repos at all in their bk? I really don't understand why I keep getting denied for an auto loan, even from capital one. My BK was discharged last june. Since then I have got two credit cards - no late payments, both of them have even increased my credit limit already!! My credit scores have improved (Currently in the low 600s).

I really have not been to a dealership to see if I can get approved. All I have tried is the capital one blank internet application, usually I have heard they're the most bk friendly ones out there??? I did call my local Nissan dealer and had them run everything over the phone. After running my credit he said he could get me approved, all I needed was 10 references, utility bill and proof of income and he said I could get into a 15k-20k car....Ok but both times (a couple months apart) I tried to apply thru capital one blank check (website) for a 15k loan I got denied :unsure: ???

I have read from numerous people on this forum how they got approved for 30k at 8% and all this other stuff. Don't quite understand why I can't get approved. I really don't another car right now cause I have one that runs just fine but I am anxious to continue rebuliding my credit. I think the answer to my question might just be the fact that I included two auto loans in my bk and thats why its going to be harder for me to get an auto loan anytime soon. Anyone else had a similar experience?

lrprn

03-24-2009, 11:08 PM

Our economy is in the toilet right now. There is very little money available to lend to even the best applicants with the highest credit scores. That's the likely reason why you can't get a loan.

If you sweeten the deal by putting at least 10 to 20% down that will increase your chances of getting a loan. Can you do that?



	Bankruptcy Forum > After the Discharge > Buying a car after BK > Reasons why some are getting approved for auto loans and some aren't..... PDA Reasons why some are getting approved for auto loans and some aren't..... carbk 03-24-2009, 10:20 PM I included 2 auto loans in my bk, I voluntarily surrendered both vehicles. Is this the reason why I can't get an auto loan now vs. someone who maybe didn't have any car repos at all in their bk? I really don't understand why I keep getting denied for an auto loan, even from capital one. My BK was discharged last june. Since then I have got two credit cards - no late payments, both of them have even increased my credit limit already!! My credit scores have improved (Currently in the low 600s). I really have not been to a dealership to see if I can get approved. All I have tried is the capital one blank internet application, usually I have heard they're the most bk friendly ones out there??? I did call my local Nissan dealer and had them run everything over the phone. After running my credit he said he could get me approved, all I needed was 10 references, utility bill and proof of income and he said I could get into a 15k-20k car....Ok but both times (a couple months apart) I tried to apply thru capital one blank check (website) for a 15k loan I got denied :unsure: ??? I have read from numerous people on this forum how they got approved for 30k at 8% and all this other stuff. Don't quite understand why I can't get approved. I really don't another car right now cause I have one that runs just fine but I am anxious to continue rebuliding my credit. I think the answer to my question might just be the fact that I included two auto loans in my bk and thats why its going to be harder for me to get an auto loan anytime soon. Anyone else had a similar experience? lrprn 03-24-2009, 11:08 PM Our economy is in the toilet right now. There is very little money available to lend to even the best applicants with the highest credit scores. That's the likely reason why you can't get a loan. If you sweeten the deal by putting at least 10 to 20% down that will increase your chances of getting a loan. Can you do that? carbk 03-25-2009, 12:42 AM Yeah I probably could put 10%-20% down. **UPDATE** I just got an email from Roadloans that says I was approved for a whopping $12,500, its states I have to put $2500 down and my interest will be 21.99%...yeeeeah I think I'll pass.