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Best Auto Loan Rates After Chapter 7?

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  • Best Auto Loan Rates After Chapter 7?

    Hi,

    I had zero late payments in my credit history prior to having to file for a Chapter 7 bankruptcy in 2013. Unfortunately, I was forced to close a business due to the down economy, and the remaining debt was astronomical. I was discharged in July of 2013. I reaffirmed my vehicles during the Chapter 7, but understand that continuing to pay the payments does nothing to help rebuild my credit. So, I'm now on the hunt for an auto loan.

    Does anyone know which auto loan companies are currently offering the lowest interest rates for those with recent Chapter 7's?


    Thanks!

  • #2
    The only way to know what rates are available to you is to apply for loans. There are just too many factors.

    Is your only reason to buy a car to build your credit rating? That is a terrible reason to make a big purchase. Do what makes financial sense, not what will improve your credit score.
    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


    • #3
      Originally posted by LadyInTheRed View Post
      The only way to know what rates are available to you is to apply for loans. There are just too many factors.

      Is your only reason to buy a car to build your credit rating? That is a terrible reason to make a big purchase. Do what makes financial sense, not what will improve your credit score.
      Tell us how you really feel, LadyInTheRed!! Yes, there are many other factors (not solely the credit impact). I have switched careers and need a truck versus a car, etc. My finances now, without the anchor of the business, are really good.

      If anyone has had any luck obtaining auto loans after a recent bankruptcy, I would appreciate it if you could relay your interest rates! Any examples would be much appreciated. I haven't been able to find many examples of actual post-bankruptcy interest rates online. This info would be great help to those of us trying to form a decision. (Life advice may be for another forum...)


      Thanks!

      Comment


      • #4
        Navy Federal at 7.49% about 9 months post Chapter 7 in 2011. (They were offering as low as 3.49% at the time, so that's a "high" rate for them.)

        (Note: my memory may be fuzzy, but I'm pretty sure it the "low" rate at the time was 3.49% for a used vehicle or refinance.)
        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
          Originally posted by justbroke View Post
          Navy Federal at 7.49% about 9 months post Chapter 7 in 2011. (They were offering as low as 3.49% at the time, so that's a "high" rate for them.)

          (Note: my memory may be fuzzy, but I'm pretty sure it the "low" rate at the time was 3.49% for a used vehicle or refinance.)
          Thanks a lot, very helpful info!

          Comment


          • #6
            i got 5.1% from cap one! although they are never getting it since i'm paying the car off in record time. 2 more payments to go and it's got 250 miles on it. also we were just shocked a few days ago when fairwinds credit union called us and said we had a line up to 50k @ 2,37% for auto loan. i said to the nice lady...oh! you have the wrong person here we filed bk a few plus years back. she said we know, but you now qualify so do you want to transfer the loan. i said shoot no i only have a few at most payments to go, but i will keep it in mind. i'm still shocked.
            8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

            Comment


            • #7
              Good deal, I'll research them. Thanks for replying!

              Comment


              • #8
                Just got approved today for 3.39 percent for 60 months after receiving my discharged six months ago. My credit score was 650. I bought a new Nissan Altima SV for $19.500. Be prepared to haggle wuth the financing arm of the dealer. I told the finance man a bullshit rate that my credit union is offering me 3.99 percent and would not accept anything higher. Good luck

                Comment


                • #9
                  We bought a truck one year after discharge. I applied through the capital one blank check program and was awared a 2.3% interest rate for 6 years. Had the dealership see if they could do better and through them capital one gave us a 1.9% rate.

                  Comment


                  • #10
                    Wow gang! I don't know how you are able to pull off those rates so close to your discharge dates. Here is what my latest research uncovered.
                    We were discharged (Chapter 7) April 2010.
                    Our credit score was 678.

                    According to that we qualified for a 2.99% interest rate on a 60 month loan, but..........here it comes.........
                    because it has been LESS THAN 5 YEARS since our BK we were DENIED!
                    Now, I realize that we could get financing though the dealer, but I feel that 10-15% interest rates are very predatory and we have decided to wait one more year to qualify for the low rates. Best of luck to everyone else!!

                    Comment


                    • #11
                      You need to "shop" auto loans! IN some cases, the dealership has special relationships and can shop better than you can show. Never take the first offer from a single creditor unless it's 0% (or less than 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


                      • #12
                        Six months after chapter 13 discharge we applied for Cap. 1 and were approved for 23,400 on a new car (we asked for 19,500) at 2.94% interest! We bought a new civic.Our income is 72,000 and credit score was around 600 so we were surprised at the rate we got. Honda tried to match it but we were not even approved through them. Cap. 1 has been very good to deal with.
                        Filed Chapter 13 - 7/10/07 - 5 year plan with 2 cars and 10% unsecured payback,
                        Last Payment 7/12, DISCHARGED 11/26/12 CLOSED 12/18/12

                        Comment


                        • #13
                          I got approved through Cap1 for a refinance. Rate is 3.59%. I'm about 9 months post-discharge. They pulled Experian and my FICO, according to Cap1, is 646.

                          I have to say that Cap1 makes it very easy to apply. Impressed.
                          Chapter 7, above median, no asset. Discharged with no UST involvement.

                          Comment


                          • #14
                            just got approved this week by cap one at 2.9% for a new car loan up to 34K. Discharge was 4 months ago.

                            Comment


                            • #15
                              We just bought a used Highlander and used Capital One. Rate is 3.5 (approximately), but had we purchased new would have been in the 2% range. Very easy process.

                              We were discharged 10/2012, closed 1/2013.

                              Just checked rate 3.36%
                              Last edited by basketsbears; 05-28-2014, 05:56 PM.

                              Comment

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