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"Bad Credit" Auto Financing

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  • "Bad Credit" Auto Financing

    A lot of people have had success at obtaining auto loans post BK by the use of networked lenders and dealerships available online. Below are links of various lenders and or loan searching services available to you. Be sure to do research each organization prior to applying with them. Keep in mind that the interest rates most commonly afford to subprime borrowers are double digit! So do your homework before making any decisions. I always recommend that subprime borrows be prepared to make good sized down payment on thier auto loans too.

    Good Luck!

    http://www.autonetfinancial.com/

    https://www.hsbcusa-autoloans.com/

    http://www.credit.com/r/auto0j

    http://www.driverslane.com/

    http://www.carcredit.com/

    http://www.driverloans.com/

    http://www.autoloans.com/index.jsp
    Last edited by HRx; 09-02-2006, 03:58 PM.
    The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

  • #2
    www.capitalone.com/autoloans/


    www.roadloans.com

    Comment


    • #3
      Has anyone tried any of these companies?
      NotFun
      Filed: 10/31/2007
      341: 12/05/2007
      Last day for objections: 02/05/2008

      Comment


      • #4
        Originally posted by NotFun View Post
        Has anyone tried any of these companies?
        We were approved thru both CapOne and RoadLoans. We went with RoadLoans due to their lower interest rate offer.

        Process was really easy. You apply online thru their websites. Quick loan approval. Usually within 24 hours, you know the limit, the terms, and the monthly payment.

        Within a few days to a week, you get a packet in the mail with a Blank Check. There's some follow-up info to complete and fax back. Insurance info and such. Once that's done, your check is activated and you're good to go car shopping.

        The only hitch in the whole thing was the Dealer did not let us sign the check and take the vehicle home the same day. We did the deal and wrote the check one day, picked up the car the next. The Dealer wanted to run the check to make sure it processed OK. It seems,......... Some people have written those checks for more money than the limit they've been approved for. Can't fault the dealer for erring on the safe side.
        Filed Ch 7 - 09/06
        Discharged - 12/2006
        Officially Declared No Asset - 03/2007
        Closed - 04/2007

        I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

        Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

        Comment


        • #5
          How long did you get this car after your discharge? and did you have a higher interest rate?
          Filed BK on 10/19...
          341 Meeting Scheduled 11/26 @ 10am
          Discharged 1/30/2008

          Comment


          • #6
            If you have bad credit you can get an auto loan but you will get hit with high interest, and im not sure why my original post was deleted in naming sites to help people with bakruptcy get an auto loan
            [URL deleted by moderator] is directly suited for this.
            Last edited by lrprn; 10-15-2007, 06:20 PM.

            Comment


            • #7
              Originally posted by afterbk View Post
              If you have bad credit you can get an auto loan but you will get hit with high interest, and im not sure why my original post was deleted in naming sites to help people with bakruptcy get an auto loan
              [URL deleted by moderator] is directly suited for this.
              Here's why your first post was deleted - it's right in the forum rules that every member must read:

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

              • All BF users agree that in order to post any "light" ads they must have a minimum of 100 valid posts. If you are a company wishing to advertise on the site or sell a product, you must have permission from the board administrator prior to posting, regardless of your post count.


              When your username is afterbk and the only link you post on your fourth forum post is the afterbk website....hmmmm....seems pretty obvious why your first post and the link in this post were deleted by forum moderators.
              Last edited by lrprn; 10-15-2007, 06:23 PM.
              I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

              06/01/06 - Filed Ch 13
              06/28/06 - 341 Meeting
              07/18/06 - Confirmation Hearing - not confirmed, 3 objections
              10/05/06 - Hearing to resolve 2 trustee objections
              01/24/07 - Judge dismisses mortgage company objection
              09/27/07 - Confirmed at last!
              06/10/11 - Trustee confirms all payments made
              08/10/11 - DISCHARGED !

              10/02/11 - CASE CLOSED
              Countdown: 60 months paid, 0 months to go

              Comment


              • #8
                understood. sorry for the trouble just seemed like my site sould be included.

                Comment


                • #9
                  Originally posted by afterbk View Post
                  understood. sorry for the trouble just seemed like my site sould be included.
                  It can be if you get prior permission from our forum administrator, Lazar, and he okays it. Send him a PM (private message) and ask. He may not respond right away, but he will so be patient. Until then, hang out here with us and share what you know about rebuilding...just don't promote your website until you get permission to do so.
                  I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

                  06/01/06 - Filed Ch 13
                  06/28/06 - 341 Meeting
                  07/18/06 - Confirmation Hearing - not confirmed, 3 objections
                  10/05/06 - Hearing to resolve 2 trustee objections
                  01/24/07 - Judge dismisses mortgage company objection
                  09/27/07 - Confirmed at last!
                  06/10/11 - Trustee confirms all payments made
                  08/10/11 - DISCHARGED !

                  10/02/11 - CASE CLOSED
                  Countdown: 60 months paid, 0 months to go

                  Comment


                  • #10
                    Discharged Chapter 7 three weeks ago.... need new auto.

                    I have applied with a few lenders including capital one, hsbc and roadloans to no avail. I have a downpayment and am looking for the best possible option to finance. Where do I go?

                    Comment


                    • #11
                      Originally posted by danlewicki View Post
                      I have applied with a few lenders including capital one, hsbc and roadloans to no avail. I have a downpayment and am looking for the best possible option to finance. Where do I go?
                      same here.
                      Filed ch7 8/14/07
                      341 meeting 9/18/07
                      DISCHARGED 11/20/07

                      Comment


                      • #12
                        go to Prestige financial..... www.bankruptcyauto.com..i have an open ch. 7 ....and i got a better interest rate than what i had when i got my surrendered vehicle....and this is a 04, toyota hilander ...through the dealership
                        Filed BK on 10/19...
                        341 Meeting Scheduled 11/26 @ 10am
                        Discharged 1/30/2008

                        Comment


                        • #13
                          If none of the subprime lenders are offering you financing at this time...then you will need start re-establishing some positive credit history first. This can be "easily" done by obtaining 1-3 subprime credit cards and making timely monthly payments for 6 months to 1 year. This will increase your odds meeting the lenders approval criterias to get subprime auto financing, if you haven't been able to get financing now. But keep in mind that the interest rates of subprime auto financing can be astronomically high. Rates can range anywhere from 8% to +25%, so think and plan very carefully before making a purchase if you've been offered an auto loan!!
                          Last edited by HRx; 12-13-2007, 08:30 AM.
                          The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

                          Comment


                          • #14
                            Originally posted by HRx View Post
                            If none of the subprime lenders are offering you financing at this time...then you will need start re-establishing some positive credit history first. This can be "easily" done by obtaining 1-3 subprime credit cards and making timely monthly payments for 6 months to 1 year. This will increase your odds meeting the lenders approval criterias to get subprime auto financing, if you haven't been able to get financing now. But keep in mind that the interest rates of subprime auto financing can be astronomically high. Rates can range anywhere from 8% to +25%, so think and plan very carefully before making a purchase if you've been offered an auto loan!!
                            thanks iam having a hard time getting financing.what are some good subprime cards.
                            Filed ch7 8/14/07
                            341 meeting 9/18/07
                            DISCHARGED 11/20/07

                            Comment


                            • #15
                              You really should look into Prestige Financial. If they turn you down it's because you can't prove income or possibly don't budget, past due on a mortgage or possibly never had car credit before you filed your b/k. This is a lender that specializes in bankruptcies.

                              Comment

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