Is this about normal ?

brokentex · 07-21-2006, 08:03 AM

I filed 7 in march, discharged in june, Ficos are 600-620. I did lending tree and the only offer I got for a loan was from road loans on new was 13% for $28000. I currently pay 8.5% on my old truck. Is this normal to be this high or can I do better ?

**BassBoy** · 07-21-2006, 08:25 AM

13% is not that bad. My scores were similar to yours after my discharge and my rate is slightly higher than what you've been quoted. You can try to do better. It sure as hell couldn't hurt, but DO NOT get too crazy with it.

brokentex · 07-21-2006, 08:33 AM

I am only doing this because my current vehicle $270 a month only gets 11-14 mpg and the new one gets 18-22 which will save me $150 a month in gas that I will use that to pay the higher note of $420 which causes zero increase in my monthly expense.

SinkingFast · 07-21-2006, 06:31 PM

Somebody here recently spent some time chatting with a Dealer's finance rep. Next thing you know, he/she found out the Rep had filed BK too. Was very understanding. And went to bat for the poster to get 0.9% apr on a manufacturer incentive program.

Maybe try calling some dealerships. Ask the name of the Finance person. Then when you go in, ask for them in person. Spend some time chatting with them and see if they can help you do better for a loan.

It is summer clearance time, dontchya know??!! A dealer might do whatever it takes to move those puppies off the lot.

If not, you might try Capital One's Blank Check deal. Several people here have had luck with that.

Danielle1981 · 07-21-2006, 08:19 PM

*puts bag on head* Before I ever filed bankruptcy....5 years ago to be exact I had 740 credit and they gave me a 21% interest rate. They said it's because I didn't have any "car" credit.......

brokentex · 07-24-2006, 09:31 PM

I am going to contact the credit union who I currently have my loan through to see if they will do the new loan and at what rate . I am pretty tight with a Toyota sales manager and he told me that coming out of BK 12-13 is about normal.

Quote:

Originally Posted by SinkingFast

Somebody here recently spent some time chatting with a Dealer's finance rep. Next thing you know, he/she found out the Rep had filed BK too. Was very understanding. And went to bat for the poster to get 0.9% apr on a manufacturer incentive program.

Maybe try calling some dealerships. Ask the name of the Finance person. Then when you go in, ask for them in person. Spend some time chatting with them and see if they can help you do better for a loan.

It is summer clearance time, dontchya know??!! A dealer might do whatever it takes to move those puppies off the lot.

If not, you might try Capital One's Blank Check deal. Several people here have had luck with that.

brokentex · 07-24-2006, 09:34 PM

Quote:

Originally Posted by Danielle1981

*puts bag on head* Before I ever filed bankruptcy....5 years ago to be exact I had 740 credit and they gave me a 21% interest rate. They said it's because I didn't have any "car" credit.......

don't feel bad, 6 years ago at a Ford dealer, my wife had never had a auto loan and had a fico of 730. They wanted to give her a loan for 28%. We said adios, walked out and wrote a check off of her credit card for fixed 9.9 for the life of the balance.

brokentex · 08-21-2006, 06:49 PM

Bought a new toyota tacoma last week 2 months out of discharge and I love it. The gas savings alone is paying for the higher payment. I will never own a dodge again, that was some of the reason I had to file due to spending 12,000 on gas in 2 years and another 2700 in maintenance on that POS dodge.

CindyLou · 08-22-2006, 01:36 PM

Go into a ford dealership and ask for special financing office. see my details below!!

07-21-2006, 08:03 AM	#1
brokentex Registered User B/F Newbie Join Date: Dec 2005 Posts: 61	Is this about normal ? I filed 7 in march, discharged in june, Ficos are 600-620. I did lending tree and the only offer I got for a loan was from road loans on new was 13% for $28000. I currently pay 8.5% on my old truck. Is this normal to be this high or can I do better ?

07-21-2006, 08:25 AM	#2
BassBoy Moderator B/F Guru Join Date: Oct 2005 Location: Northeast, Ohio Posts: 2,070	13% is not that bad. My scores were similar to yours after my discharge and my rate is slightly higher than what you've been quoted. You can try to do better. It sure as hell couldn't hurt, but DO NOT get too crazy with it.
	Bankruptcy History: Chapter 7 filed - 10/12/2005 - Asset Discharged - 02/16/2006 Case Closed - 11/08/2007 A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.

07-21-2006, 08:19 PM	#5
Danielle1981 Registered User B/F Newbie Join Date: Jan 2006 Posts: 239	puts bag on head Before I ever filed bankruptcy....5 years ago to be exact I had 740 credit and they gave me a 21% interest rate. They said it's because I didn't have any "car" credit.......
	Filed 07/14/2006 341 Meeting 08/11/2006 Deadline to Object 10/10/2006 Discharged 10/17/2006

08-22-2006, 01:36 PM	#9
CindyLou Registered User B/F Guru Join Date: Oct 2005 Location: SoCal Posts: 2,295	Go into a ford dealership and ask for special financing office. see my details below!!
	Chapter 7 Pro Se....Discharged Feb. 2006

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07-21-2006, 08:33 AM	#3
brokentex Registered User B/F Newbie Join Date: Dec 2005 Posts: 61	I am only doing this because my current vehicle $270 a month only gets 11-14 mpg and the new one gets 18-22 which will save me $150 a month in gas that I will use that to pay the higher note of $420 which causes zero increase in my monthly expense.

07-21-2006, 06:31 PM	#4
SinkingFast Registered User B/F Guru Join Date: Jan 2006 Posts: 6,857	Somebody here recently spent some time chatting with a Dealer's finance rep. Next thing you know, he/she found out the Rep had filed BK too. Was very understanding. And went to bat for the poster to get 0.9% apr on a manufacturer incentive program. Maybe try calling some dealerships. Ask the name of the Finance person. Then when you go in, ask for them in person. Spend some time chatting with them and see if they can help you do better for a loan. It is summer clearance time, dontchya know??!! A dealer might do whatever it takes to move those puppies off the lot. If not, you might try Capital One's Blank Check deal. Several people here have had luck with that.

08-21-2006, 06:49 PM	#8
brokentex Registered User B/F Newbie Join Date: Dec 2005 Posts: 61	Bought a new toyota tacoma last week 2 months out of discharge and I love it. The gas savings alone is paying for the higher payment. I will never own a dodge again, that was some of the reason I had to file due to spending 12,000 on gas in 2 years and another 2700 in maintenance on that POS dodge.

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