Wow its soooo hard to get started

[fastninja]

My bk was discharged last July of 06. Credit files are up to date,scores in the 610+. I figured I would apply with lending tree to see about getting an auto financed. DANG i WAS TURNED DOWN BY EVERYBODY YIKES!!!!!!!!!!!. Being debt free is nice, and saving money is not bad (4K in account).But its hard to get anything noteworthy without getting it financed. Anyone else have problems getting approved with zero debt?

[chucko]

My bk was discharged last July of 06. Credit files are up to date,scores in the 610+. I figured I would apply with lending tree to see about getting an auto financed. DANG i WAS TURNED DOWN BY EVERYBODY YIKES!!!!!!!!!!!. Being debt free is nice, and saving money is not bad (4K in account).But its hard to get anything noteworthy without getting it financed. Anyone else have problems getting approved with zero debt?

Have you applied for any of the BK friendly credit cards to get started again? I got two $500 limits right off the bat ater my BK and have just been working to get my scores up. Maybe it's a good thing you aren't getting auto financing, stay away from it for as long as you can.

[jenrw74]

Scores aren't the only thing auto lenders look at to approve you. How would you rate your income and time at your current job or career? I've read people in here getting good auto loans right out of bk with scores under 600. Wonder why no one would help you out? That sucks. We are looking to get one after discharge in June as well. After reading your post I'm scared to death now!!

[jenrw74]

I read through some of your older posts and I'm wondering if maybe, if you said you have a repo, if maybe that could be hurting you? Do you have any other open car loans on your CR's? I've heard that some of the BK friendly lenders like Roadloans won't approve you if you have another car loan. I don't know. Sorry I couldn't be more helpful. Hang in there and maybe try to get a credit card if you haven't already to help rebuild your credit and add points to your scores.

[invest1choice]

My husband got a loan with a 580 for a car through his credit union under his job .The only way they would do it was direct withdrawl of his payment bi weekly..try credit unions in your area if you belong to any . Ask if they can direct debit it out of your acct.

[BKTango]

I simply do not understand why after going through bankruptcy people want to run out and immediately get right back into debt by buying a new car....but to each their own I guess. Maybe you need to "build" some credit history first with some bk friendly credit cards, or as one poster said maybe it's your income. Might I suggest... you stated you have $4000.00 in savings, why not just buy something with that paying cash on hand and that way you have no car payment so you can keep saving money every month.

[fastninja]

I have no open car accounts with anyone. My current credit score is 600 with all three agencies. Thats the thing that gets me also, seeing other people doing good with scores lower than mine. Now it makes me gun shy to even apply for a credit card. Even though i have an amex card that is current.The only reason i want a new vehicle is that my current car has 170 k (97 mustang) and michigan winter are brutal and this is not the vehicle to drive up here.........lol. I guess im just going to continue to save and try later.

[CindyLou]

How long have you been at our current job? Your current address? If either is less than 2 years, this can also plays into account!

[AMISLANDER]

Best way to trade on in?

I was thinking of trading the 2000 4Runner in on a 2003 Celica. I saw one online in my area, called the dealer, and they did whatever they do to start the loan process, well, I was turned down...

I've been at my job almost three years, have started rebuilding my credit, pay all my debts on time......

Maybe it would be a better idea to go right back to the Toyota dealer that I've been getting all my 4Runners from & see what they can do for me...as they know my history?

Thoughts?

[fastninja]

Anybody else having a hard time getting financed for anything?

[CATCHMEIFYOUCAN]

Capital One

I have no open car accounts with anyone. My current credit score is 600 with all three agencies. Thats the thing that gets me also, seeing other people doing good with scores lower than mine. Now it makes me gun shy to even apply for a credit card. Even though i have an amex card that is current.The only reason i want a new vehicle is that my current car has 170 k (97 mustang) and michigan winter are brutal and this is not the vehicle to drive up here.........lol. I guess im just going to continue to save and try later.

Have you tried Capital One ??? I applied just to see and they sent me loan forms and all at 12 1/2 interest with up to a 19,000 loan. Of course I didn't go for it because I am already financed at 9.9% with the dealer (I had bought a new car a month before I filed). I didn't have a choice as my other car got flooded just a month before I was going to file.

Best of Luck, CatchmeIFYOUCAN

[Blue_Ray]

My bk was discharged last July of 06. Credit files are up to date,scores in the 610+. I figured I would apply with lending tree to see about getting an auto financed. DANG i WAS TURNED DOWN BY EVERYBODY YIKES!!!!!!!!!!!. Being debt free is nice, and saving money is not bad (4K in account).But its hard to get anything noteworthy without getting it financed. Anyone else have problems getting approved with zero debt?

My tip is this. When I was 18, I got my 1st car payment w/o any co-signer. Having no credit, no score, but you know the words "money talks"? Well, on the application at the car lot, tell them you got some cash, at least 3K, I am sure you will get some help on financing.

[oretnom1]

You need to have some skin in the game! Just 3 months after my discharge by putting 20% down on a car, I was approved for the balance ($22K) at 7.8%

[poorme]

Ford has been known to be 'bk friendly'.

Make sure you have all your reports as clean as you can, and try a slightly different approach with the dealership. DON"T talk to a salesman or LOOK at a car until you've sat down with the finance manager, explained your situation, and find out if you can be approved at terms that are in your favor. You DON"T have to settle for high rates and putting lots of money down. Turn the experience into one where YOU are interviewing them to select whom you'll do business with - not the other way where they immediately bend you over the barrel.

If their answer is NO - then just leave and keep shopping around - there is a dealer who can and will get you financed at reasonable rates. The better option of course is to go in pre-approved, but try shopping at month end - funny what kind of approvals can get done at the end of the month when quotas are at stake.