Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Bad credit car loans on the internet - a warning

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Bad credit car loans on the internet - a warning

    Hi all. Now that I got my loan, I thought I should share what I learned through trial and error. The only car loan websites online that appear to be legitimate are Capital One auto finance and Up2drive.com. Both of them rejected me right off. Also Lending Tree, which just matches you with lenders. I applied to them and they matched me up with Capital One which had already rejected me and rejected me again, of course. All the "guaranteed car loans for bad credit" websites (myautoloan.com, carloan.com, fundingway.com, baf.com, web2carz.com, etc.) are just lead generators for dealerships. They say you are approved for a loan, but really they just forward your information to a dealership that has a "special financing" department which supposedly can help you. You still have to go in, pick out and apply for the car and you may or may not ultimately get rejected. Well, guess what? Every car dealership has a "special financing" department. The car I ultimately found was at of all places a luxury dealer that specializes in Porsches and the like! I found the car online (listed on Craig's list actually- thanks to someone on here who recommended I look there - thank you very much!), explained my situation and they were very accommodating and able to help me (as I mentioned in previous post, I had to use a cosigner, but they were able to advise me and guide me through the process). Web2carz.com, by the way is especially scammy- when you apply online you are directed to a free trial for credit monitoring which you have to fill out (and put your credit card down for) before you can get to the next step!

  • #2
    Oh, and I hear Roadloans.com is legit, but it is not available in my area, so I didn't apply.

    Comment


    • #3
      SAH2 did the cosigner allow for you to get a better interest rate? Could you have gotten approved without cosigner?
      Filed:11/2010
      341 Meeting:1/5/2011
      Discharge:3/2011

      Comment


      • #4
        Well, not sure if I could have or not. I had run into a problem with a different dealer- the bank was saying I had to get my husband on the loan. The problem was not my credit, but my income. My monthly income is basically equal to our mortgage payment ($3000 a month), which is on my credit report. So even though I am only half responsible for the monthly payment, the full amount is on my credit report, so it looks like I am paying 100% of my income for mortgage. I did not want to put my husband on the loan due his own credit issues. I came up with the idea of my mom cosigning and she agreed. At this point, though I decided the first car was too much money and I did not pursue it. When I brought up the cosigner issue with the second dealership they advised me not to even bother trying to apply alone because even if they approved me, the interest rate would be really high. Since the rate I got was on the high side already, I imagine it would have been through the roof.

        Comment


        • #5
          Thanks for posting. Can you share your credit score and what interest rate you ended up with? Thanks!!

          Comment


          • #6
            We tried 722Redemption and Roadloans because my car died and I have been desperate. The lady at 722 had no clue about bankruptcy and was super argumentative. I didn't want to do Roadloans, we did get approved but by then we just had a few weeks left. So we waited until discharge to see what we could do. Actually went the DAY I received it.
            I went to a super large dealership here. I found a GREAT car. Way nicer than I thought I would be able to get. With a 15% interest rate at a PRIME lender. The payments are WELL with in my budget. It's not an expensive car but it's a new one we will have paid off pretty quick.
            The F&I guy told us he felt if we had worked so hard to make payments on time to the crappy Buy here pay here place my husband had gotten stuck with we would make payments to him. He said he felt we deserved a 2nd chance.
            Chapter 7
            Filed 4/21/10
            341 6/9/10
            Deadline to file a complaint 8/9/10

            Comment


            • #7
              I response to OhBrother- my credit score is somewhere in the 600s, depending on which reporting agency you go with- I think the lowest was 623 and highest was around 660. I got 13%. This is with a cosigner.

              Comment


              • #8
                That is awesome sah2!
                My husband co-signed with me and he has NO credit. So I think we did fairly well with the interest rate.
                Chapter 7
                Filed 4/21/10
                341 6/9/10
                Deadline to file a complaint 8/9/10

                Comment


                • #9
                  Oh and USAA has a legitimate online loan application. My husband (who did not BK but has bad credit) was able to get approved at an amazing 5% interest rate and the whole process was super easy. I do not know if they are BK friendly. He is a long-time member, so I assume they cut him some slack that other creditors did not (he could not get approved anywhere else). I plan to try to refinance through USAA after 6 months or so.

                  Comment


                  • #10
                    Anyone who is willing to loan money to people who are days out of BK are loan sharks. Why do you think they are charging 15% plus interest?

                    They are all bad news.
                    New Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home!

                    Comment


                    • #11
                      Originally posted by LSUTiger32 View Post
                      Anyone who is willing to loan money to people who are days out of BK are loan sharks. Why do you think they are charging 15% plus interest?

                      They are all bad news.
                      Most people right out of BK know this but are in need of a vehicle. 13% and 15% car loans are high credit risk loans. A BK on a credit report instantly makes one a very high credit risk no matter what your score. What these folks need to do is that if they can actually afford the new loan with the high interest rate is to try to refinance a bit later on because that car will be so upside down in a few years they will get right back into the credit trap. Auto dealers are out to make money and when you walk in a dealership you are just a dollar sign - they will do anything and everything possible to get to get someone in a vehicle as they have to move those vehicles and work on commission/incentive.
                      _________________________________________
                      Filed 5 Year Chapter 13: April 2002
                      Early Buy-Out: April 2006
                      Discharge: August 2006

                      "A credit card is a snake in your pocket"

                      Comment


                      • #12
                        Originally posted by Flamingo View Post
                        Most people right out of BK know this but are in need of a vehicle. 13% and 15% car loans are high credit risk loans. A BK on a credit report instantly makes one a very high credit risk no matter what your score. What these folks need to do is that if they can actually afford the new loan with the high interest rate is to try to refinance a bit later on because that car will be so upside down in a few years they will get right back into the credit trap. Auto dealers are out to make money and when you walk in a dealership you are just a dollar sign - they will do anything and everything possible to get to get someone in a vehicle as they have to move those vehicles and work on commission/incentive.
                        If most people know it, why are they foaming at the mouth to get one? The notion that a loan is a requirement to own a car is part of why the economy in this country sucks. I just wish more people would come to the realization that there are a lot of very reliable cars out there that you can pay cash for and get where you need to get. I drive 80 miles a day in a $2,500 car that is going into it's third year for me. You don't have to get back into debt at an interest rate that makes it impossible to win to own a car.
                        New Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home!

                        Comment


                        • #13
                          Originally posted by LSUTiger32 View Post
                          If most people know it, why are they foaming at the mouth to get one? The notion that a loan is a requirement to own a car is part of why the economy in this country sucks. I just wish more people would come to the realization that there are a lot of very reliable cars out there that you can pay cash for and get where you need to get. I drive 80 miles a day in a $2,500 car that is going into it's third year for me. You don't have to get back into debt at an interest rate that makes it impossible to win to own a car.
                          No need to drive around in a clunker. If one works towards repairing his/her credit post bk, "normal" rates become possible quite quickly. I was just give a rate of 4.42% for up to 24k from Capital One. I am only 10 months post discharge. This rate is possible because I have worked to repair my credit post bk.

                          For more info see the following links to other threads.

                          http://www.bkforum.com/showthread.php?t=61550

                          http://www.bkforum.com/showthread.php?t=61056
                          You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

                          Comment


                          • #14
                            We can't get approved to buy even a used car. Our chapter 7 was discharged on 6/14/2010. Someone told me that kia and hyundai are easier to get approved through with a BK on your credit? Anyone know if there is any truth to this? I applied through capitalone auto finance, and was turned down.I am not looking for a brand new sports car here, just a used low mileage car for now until we can build our credit back up enough to get approved for a new car through a major lender such as ford credit or GMAC.
                            Chapter 7 filed 2/26/2010
                            341 meeting 4/18/2010
                            Discharged 6/14/2010-On our way back up the ladder from a rough patch.
                            FICO score goal by June 2011:720+

                            Comment


                            • #15
                              Originally posted by backtoschool View Post
                              No need to drive around in a clunker. If one works towards repairing his/her credit post bk, "normal" rates become possible quite quickly. I was just give a rate of 4.42% for up to 24k from Capital One. I am only 10 months post discharge. This rate is possible because I have worked to repair my credit post bk.

                              For more info see the following links to other threads.

                              http://www.bkforum.com/showthread.php?t=61550

                              http://www.bkforum.com/showthread.php?t=61056
                              BTS....knowing you over my time here I gotta say this is pretty shocking coming from you. Who said my car was a clunker or that if you paid cash for a car it was one? I mean it's not a Porsche or anything but it's a decent looking domestic car with leather seats, a moonroof and get this a CD player! I mean I know you automatically have to assume that a $2,500 car probably has an 8 track, but no! Enjoy that car note and $5,000 down the tube to Crapital One in interest payments. I could buy two nice cars with that money!
                              New Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home!

                              Comment

                              Unconfigured Ad Widget

                              Collapse
                              Working...
                              X