Car loan after discharge

[kneedeep]

Today is my discharge date, and I need to get a car asap. I don't want to apply to several places and have my credit score drop. Is there anyplace anyone knows of that will approve you for a loan right out of discharge?

[magyar123]

Here's what I did: Two weeks after my discharge I went to a car dealer. Went right to the finance office - told the finance manager that I just had mt BK discharged, that now my credit is in the toilet. That I was looking for a car in a certain price range, have a certain amount for downpayment. He then got a sales guy to show me cars in the price range I wanted, and got on the phone with lenders who he knew might/would approve me. And one did. True, at loanshark level interest rates, but when you need a car, you'll get it.

[Thirdbase7]

I got discharged last Thursday.

Went today to the first car dealer, basically they said my income was fine but my credit score was too low and needed a cosigner. With a cosigner they were going to sell me a new car with no money down and a 200ish payment. Not bad considering.

If you have someone with great credit to cosign, it's gonna be easy. If not be prepared to have a lot of money down.

[kneedeep]

thanks for sharing your experiences

[DVDFreaker]

I got discharged last Thursday.

Went today to the first car dealer, basically they said my income was fine but my credit score was too low and needed a cosigner. With a cosigner they were going to sell me a new car with no money down and a 200ish payment. Not bad considering.

If you have someone with great credit to cosign, it's gonna be easy. If not be prepared to have a lot of money down.

Same thing happened to me today so I said screw it, I'll save money and wait for a few months and when I have enough cash, I will pay cash for a car

[lonelylady11]

studying in business management

Hi friends, I live in Florida and am studying in business management. I applied for FAFSA and was told that I don't qualify for a federal Pell grant. Does anyone know of any other grants that May be available for a 25 years old white female in Florida studying business? I want to try for as many grants as possible before getting stuck with a loan. Any help will be appreciated. Thank you in advance for you input.

[Ch7Ted]

If there's a Carmax in your area - try there because they have their own financing arm (Carmax Auto Finance - CAF) as well as using Bank of America and/or Capital One. Chances are that CAF will approve one's loan. I went to Carmax a year after filing for BK and I'm paying 15.5% on a 7 year old Honda after putting down $3K.

I do not trust any other used/new car dealer due to the possibility of charging 24%+ rates.

[Flamingo]

Today is my discharge date, and I need to get a car asap. I don't want to apply to several places and have my credit score drop. Is there anyplace anyone knows of that will approve you for a loan right out of discharge?

Did you, in the past, have a car loan with possibly GMAC or Ford Credit or similar major car lender? If so and the loan was paid off and paid on time and not part of your BK, go to a dealership providing that credit (i.e., GMAC) and your past record with them will help. It did with us. You can do one of two things; as the poster suggested in a previous post about talking directly with the Finance Manager first before doing anything else or as we did, stroll in, not say a word about our BK, test drive, get all the financing information and walk out stating we were looking at other vehicles. When they called us back to up the amount on our trade, we told them we would like to apply for the vehicle and they told us we had to apply online. At that point, we emailed our salesman and the Finance Manager directly telling them of our BK discharge and that prior to our filing BK we had stellar credit and a paid off, on time payment loan with GMAC in the past. Well, we got approved, 0% financing on a new 2006 GMAC vehicle for a 4 year period. We also qualified for their other promotional rates which totally floored us. So it all depends. While this may have worked for us, it may or may not work for others but always look to a past record prior to your BK to point things out and we were advised by attorneys and mortgage brokers that your past record prior to filing BK does factor in when it comes to certain credit after discharge.

Best of luck...