Discharged chapter 7 three weeks ago.... need auto financing.

[danlewicki]

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. The few lender's I have applied with told me I need a cosigner or just flat out denied me. Where do I go?

[CindyLou]

Ok, a few questions:
Do you have any repos?
What is your income?
Do you have other auto loans already?
Have you tried Ford Motor Credit in Person at a Ford Dealer?
How much is your Down Payment and how expensive of a car are you trying to get?
Have you checked your credit report to see if it is reflecting your recent discharge?
Have the lenders given you any reasons for the declines?

If you can answer these questions then we can help point you in a better direction. It is almost always possible to get car financing after BK with decent terms, so please give the above info and lets go from there.....

Oh, and WELCOME!! BTW....we've all been where you are now!!

[SinkingFast]

If you haven't already,.......... Sign up with a Credit Monitoring Service and check your Credit Reports. See how everything is reporting. Clean up what needs to be cleaned up first.

Clean up isn't quick. You dispute then Creditors have 30 days to respond. So it takes about 45 days for the first turn around. From start to finish.

If you have repo's in your Credit History, that's gonna make it tougher. Credit Reports/Scores are Industry "grade weighted". Mortgage Lenders skew to houses you've owned in the past and how you've handled those loans. Auto loans paid in full in the past bodes better for you post BK than repo's do.

That's part of why looking at your Credit Reports is so important. If you surrendered a vehicle in BK, it could be showing as a repo instead of IIB.

[magyar123]

Just go to a car dealer - first talk to the finance people, tell them right off that your credit is lousy because you filed bankruptcy, but that it is now discharged, and what kind of car you want/or you think you can afford. Tell them that you are able to put down a certain amount. The finance people then will get the sales people to show you cars which you could possibly afford. But be prepared for loanshark level interest rates, as the finance people will contact only outfits that finance cars for people with lousy credit.

[CindyLou]

I disagree with the loan shark level rates! I got 0.9percent....ZERO POINT NINE 2 months out of a 7 with a good down payment with Ford! can't promise that rate but decent rates are usually always possiblw with decent DP!

Hopefully OP can answer the questions asked and we can go from there.

[CindyLou]

I WOULD NOT apply for another loan until you can find out the rhyme and reason foe these denials. you will just be burning bridges. it could be something simple. so a pause is needed to re- evaluate!