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

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what kind of APR to expect

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  • what kind of APR to expect

    Hello. Wondering realistically what kind of interest rate I can expect on a used car after a BK discharge. I'm trying to do some planning. I anticipate my current vehicle being repossessed soon after the discharge, about 5 weeks from now. Should I try to get a loan now, or wait until the discharge? They may or may not notify me prior to taking it, as I have learned from this board, even if they do, it may not give me enough time to then go get a loan, if I can even get one. I'm not sure what the best thing to do is in regards to ensuring I have a vehicle continuously. cash for a car is out, as I'm just paying my bills right now and can't save anything, aside from what would go toward a payment.

    Thank you much!

  • #2
    I would suggest trying Capital One's pre-qualifier. That will give you an idea of where you stand. I tried it immediately after discharge from Chapter 7 and was given a range of somewhere around 5-10% on $40K, depending on the down payment, length of loan, age of vehicle. I didn't really need a car then, but a couple months later my car situation changed and I tried again and was given a range of like 3-5% on $40K. I had a pretty good auto score and when I went to buy, the dealer couldn't come close with any other lender he tried because of the BK. The Capital One pre-qualifier is a soft pull so you aren't doing any damage to your credit score in checking. As far as I know, they are the only ones who will do a soft pull like that. Someone somewhere referenced Wells Fargo but when I looked into it, they told me it was a hard pull. Good luck!


    • #3
      I tried that per-qualifier, maybe its because i'm still in bk, but I didn't get a per-qualification, no explanation. probably my 499 credit score and being in bankruptcy. Maybe I should have waited until after the discharge? its about a month away, and the current vehicle i'm driving is being "surrendered/Repo'd" very shortly after that. I'm just super worried about not having a car that I wanted to try and figure out how I can get loan sooner. I'm not sure if the car will go the day after the discharge, or if I'll have some time to try and secure a loan. Sounds like the discharge has to be on the account before i would even qualify. How long did you have to wait after your discharge date to get the pre-qual? I know you said immediatley, just curious how many days from the discharge it was.

      Do you know what the age of vehicle needs to be to get one of these loans? realistically I can only afford about a 5-7 year old vehicle, at the newest. not sure I can even get a loan for a car that old.

      Thanks for your help.


      • #4
        By law, a lender CANNOT report a repo on a vehicle which is surrendered through bankruptcy. They can only report that the loan was "included in bankruptcy" and that the balance owed is $0. Also, be aware that until your case closes, your credit reports will not be "cleaned up" of any collections or ongoing "charge-off" statuses or missed payments.

        Upon discharge, creditors are required to remove any negative information which was reported after the filing date, and many will choose to remove the account in its entirety, or delete all payment history. For this reason, most people see their credit scores increase significantly within a week or so of discharge. This means that if you apply for financing now, rather than waiting until after discharge, you will be denied credit, or offered worse terms than if you wait.

        That being said, if you are truly unable to set aside any money now, while you are driving your current car payment-free, I am not sure how you will afford the down payment and monthly payments on a car loan. I would also think twice about financing any car that is too old/has too many miles to have any warranty remaining. If any unexpected (major) malfunction occurs, you could find yourself with an inoperable car, a huge monthly payment, and no way out.


        • #5
          Thank you. I will get a part-time Job I guess. Not sure what other options I have.


          • #6
            I was denied based on the fact that I have to many capital one accounts delinquent. (received a letter) I don't even have any capital one accounts! they must include some subsidiaries that they partner with. even then i have no idea what could be linked to them. i do have 9 accounts delinquent, pending the Bk. in less than a month I should have the discharge, a few days after that I'll be applying for a car loan with them, and some local banks as well. Right now i'm looking for my 2nd job, i have no other options. (My 2nd wife left me with the mortgage, and my first wife is seeking a 500 percent increase in child support). If i never married, never had kids, I'd be retired right now.


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