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4yrs post discharge auto loan help

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  • 4yrs post discharge auto loan help

    I've gotten two auto loans since the discharge but both through Santander USA at 17% via CarMax. My credit score is slowly improving now in the high 600s. I'd like to replace one of our cars but I'd love to get pre-approved somewhere first so I don't have to go through what I did 3 years ago and all the stress of getting denied at various places. What are some good online places to apply given my history? I'd like to try CapOne but I discharged a CC with them and not sure how they would look at me. Granted now I have a CC with them as they bought Orchard Bank which gave me my first CC post discharge. THe rate has come down as my credit has gotten better. FYI, I now make a very good salary nowadays, over $200k so that should help in getting a good rate, right?

    Thx - Rex

  • #2
    Originally posted by rex444 View Post
    I've gotten two auto loans since the discharge but both through Santander USA at 17% via CarMax. My credit score is slowly improving now in the high 600s. I'd like to replace one of our cars but I'd love to get pre-approved somewhere first so I don't have to go through what I did 3 years ago and all the stress of getting denied at various places. What are some good online places to apply given my history? I'd like to try CapOne but I discharged a CC with them and not sure how they would look at me. Granted now I have a CC with them as they bought Orchard Bank which gave me my first CC post discharge. THe rate has come down as my credit has gotten better. FYI, I now make a very good salary nowadays, over $200k so that should help in getting a good rate, right?
    Thx - Rex
    3 Years ago it might have been good to join a credit union and have established credit with them. If you haven't do that now. I joined one (DCU) a little more than a year post filing and 9 months later got a new car loan $40k @ 1.99% interest. Started off with them with a $5K secured credit card.

    Comment


    • #3
      I looked at your prior posts and it looks like the 2 loans were both less than 2 years after your discharge. If that is the case, I think you will find it much easier to get a loan now. Based on some quick research, with a score in the high 600s you won't get the best rates, but you won't get the worst either.

      Shop around and see what you are offered. I don't think you should be limiting yourself to lenders who are known to offer sub prime loans. Get the best pre-approval you can and see if you can get a dealer to beat it. Don't worry about multiple inquiries. Unlike credit card inquiries, multiple car loan inquiries in a short period of time are counted as a single inquiry. Based on the two links below, you should keep the inquiries to a 14 day time period.

      http://www.experian.com/ask-experian...e-removed.html
      http://www.myfico.com/crediteducatio...inquiries.aspx

      You could try lendingtree.com to get multiple loan offers based on one application.
      LadyInTheRed is in the black!
      Filed Chap 13 April 2010. Discharged May 2015.
      $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

      Comment


      • #4
        First, your "Enhanced Auto Score" is probably in the high 600 to low 700s since the "auto" score is typically higher than your regular FICO score. (It's typically higher if you have done well with auto loans in the past and weighs much more heavily on prior installment loan history than revolving debt and debt to income ratios.)

        When you are ready to purchase a car, try your local credit union, Roadloans (which usually assigns them to Santander), Capital One Auto, Wells Fargo, and any other place that does a blank check or pre-approval! I used NFCU for my last 2 car loans and I absolutely love them. Roadloans is not bad either. When you are "shopping" for a car loan, please know that the scoring consolidates any inquiries within 30 days as 1 inquiry so that it doesn't hurt you. (Some scoring models de-dupe/consolidate within 14 days.) I typically get pre-approved with a blank check (NFCU) and make sure the dealership in NO WAY runs my credit. I make sure I tell every one at the dealership that they are NOT authorized to run my credit.

        If you get to Tier 1 financing (typically Auto Enhanced of 690+, with Tier 1+ being 720+), you should be able to get a new automobile loan for as low as 0% from the major automakers, and 1.9% to 4.9% from the banks. At least that's my understanding. (Tier 2 financing is typically an enhanced auto score of 670-689, but should still be good and definitely less than 7.9%.)
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog


        I am not an attorney. Any advice provided is not legal advice.

        Comment


        • #5
          Thanks for the replies. Should I take a shot at CapOne given my discharge of them or do I have no shot.

          What about Wells Fargo? I'm not desperate for a car but I put 25k a year on my car and the one I bot 3 years ago is pushing 140k now. I actually tried lending tree and got no offers back. Not sure what that means.

          I have 2 car loans now one at 17% the other at 14.9% and would love to reduce the 17% to something closer to 5%.

          Comment


          • #6
            Rex, I live in Maryland too, I was dismissed chapter 7 in December. About a week later I did the online with Capital One and was approved for the blank check. I got a 6.09% interest rate with a 2010 car. A newer model was as low as 5.64%.

            Comment


            • #7
              If you are going to do the online pre-approvals (blank checks), please do them all around the same time. That's why you should make a list and then apply for them within a short period of time (7 days; although the credit scoring usually will de-dupe inquiries within 14-30 days depending on the model).

              Are you a member of a credit union? Could you get into Navy Federal (through prior military service or a family member)? I would try a credit union (including but not limited to Navy Federal if you qualify for membership), Capital One Auto Finance, Roadloans (Roadloans.com), Wells Fargo Auto Loans, and maybe even a specific car manufacturer (like Ford, Toyota, etc).
              Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
              Status: (Auto) Discharged and Closed! 5/10
              Visit My BKForum Blog: justbroke's Blog


              I am not an attorney. Any advice provided is not legal advice.

              Comment


              • #8
                Can you explain how the blank checks work? As in are they good up to a certain ltv? Are the based on a certain amount down? Etc.

                Comment


                • #9
                  Blank check loans typically allow an LTV up to 110% (on new cars and higher on refinances) and can cover registration (tags) and title. They will have a minimum and a maximum value. They will also list the purpose on them (usually it's for a new car or a used car within so many model years). It's basically a bank draft. The dealership will call it in and receive a "PIN" which will release the funds.

                  I have done checks with NFCU where I gave them the sales contract and they printed me a check for the exact amount in to the dealership, from an account they already created for me! I then just brought the check to the dealership as a "cash" payment. I have also used NFCU to get a blank check with a "maximum" value. I brought that to FORD and they treated it as a "cash" payment as well, but they had to fill out things on the check, like the VIN, the total amount (just like filling out a check), and some other information.
                  Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                  Status: (Auto) Discharged and Closed! 5/10
                  Visit My BKForum Blog: justbroke's Blog


                  I am not an attorney. Any advice provided is not legal advice.

                  Comment


                  • #10
                    Thx

                    Comment


                    • #11
                      Just took a shot at road loans and got approved for up to $56k @ 4.89% for as long as 72 months with zero down or 3.89% with 2k down. Wow

                      Comment


                      • #12
                        Originally posted by rex444 View Post
                        Just took a shot at road loans and got approved for up to $56k @ 4.89% for as long as 72 months with zero down or 3.89% with 2k down. Wow
                        That's what time and a couple of positive trade lines will do for you in the world of credit.
                        LadyInTheRed is in the black!
                        Filed Chap 13 April 2010. Discharged May 2015.
                        $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

                        Comment


                        • #13
                          Originally posted by rex444 View Post
                          Just took a shot at road loans and got approved for up to $56k @ 4.89% for as long as 72 months with zero down or 3.89% with 2k down. Wow
                          That wasn't so bad, now was it? Your good payment and credit history since filing (and your car payment history prior to filing) is paying off. Congratulations on what amounts to pretty decent rates.

                          Remember, if there's a particular make of car that you like, please check out any financing incentives from the manufacturer... such as 0% and $0 down for 60 months. Also, make sure you show for whatever other purchase incentives there are. You should check to see if the company that employs you has a relationship with any automobile manufacturer where you can get employee pricing (such as Ford's X Plan).

                          One note: you say that your other two loans are with Santander? If you are replacing one of the cars, you will be okay. Santander is usually the company that Roadloans assigns the loans to. Santander has a maximum number of loans allowed at one time and I believe it is 2.
                          Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                          Status: (Auto) Discharged and Closed! 5/10
                          Visit My BKForum Blog: justbroke's Blog


                          I am not an attorney. Any advice provided is not legal advice.

                          Comment


                          • #14
                            Originally posted by justbroke View Post
                            Remember, if there's a particular make of car that you like, please check out any financing incentives from the manufacturer... such as 0% and $0 down for 60 months. Also, make sure you show for whatever other purchase incentives there are.
                            To help figure out whether a lower rate or a cash incentive is better in the long run, try the calculator at bankrate.com http://www.bankrate.com/calculators/...alculator.aspx
                            LadyInTheRed is in the black!
                            Filed Chap 13 April 2010. Discharged May 2015.
                            $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

                            Comment


                            • #15
                              Should I apply online with say Wells Fargo or say Cap One? This won't hurt my credit score right?

                              Comment

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