What kind of interest rate should I expect?

[luvsdolphins]

I filed a Chapter 13 bankruptcy 4 years ago, it was discharged March 2007. Prior to it being discharged I did apply and was approved for a WAMU credit card which I have used and paid off each month. Now I am looking into purchasing a new vehicle b/c of continued repairs on my current vehicle. The vehicle I am looking at is about $24,000 and I will have about $5000 to $6,000 down. Any ideas of what kind of rates to expect. A little background: My credit scores at each of the three agencies runs 615-698. I have one Chrysler Loan on my report that was paid as agreed/good standing. My debt included in the bankrupcty was approx $19,000 all credit cards.

[brokeinmichigan]

Well, we are only 7 months out of our Chapter 7 and just bought our vehicle. It was used...a 2004 Expedition with only 35K miles for $20,800 (plus taxes, fees, etc). We were originally approved for a lease through Daimler-Chrysler, but decided not to lease. We were approved through CapOne Blank Check @ 12.45%. Our dealership got us better financing with Chase @ 9.5%. We put 5K down.

Of interest, my FICO score was much higher than my TrueCredit FAKOs...well over 100 points higher. My husbands, however was actually lower than his FAKOs.

Also, we discharged about 8K with Chase (a credit card) in our BK, but they financed our new truck, so...

I think you'll have even better numbers than us. Make sure your credit reports are all cleaned up. Also, something I learned here...check around for the best interest rates. Check with your credit union. Check online. Check with the dealership(s)....but do it all within a 2 week timeframe, because all of those inquiries on your CR will only "count" as one if done within that 14 day period.

Good luck and keep us posted.

[keepmine]

Last Aug. my wife and I used the Cap1 blank check program to buy an 06 Nissan Sentra. I had been declined twice trying to qualify by myself by my bank and a local CU. Both cited "recent bk" {the filing was {22 months old} in the adverse action letters. So, we used her as a primary {she didn't file} and me as cosigner and got approved for $12,500 {used $10K} and got an 8.2% 48 month loan. Got a 50 basis point decrease by authorizing a direct debit from my checking account.
Were I you, I'd look around. With an old bk and that sort of downpayment you should be well south of 10%. Just don't take the first subprime quote you get.

[Flamingo]

Shortly after we bought out early from our 5 year Chapter 13 in April 2006, in the same month we obtained a brand new 2006 Saturn Ion and qualified for their promotional financing at that time (which floored us) - we secured a 0% 4 year car loan with GMAC. We had a fabulous deal with a good trade in also. We previously had a car loan with GMAC always paid on time and paid off in full in 1999. Filing BK is not the end of the world - many can get and will qualify for good rates.

[luvsdolphins]

Thanks for the info

[2muchcc]

This is so encouraging. Before reading this forum, we thought that if we file we will have to have cash to purchase everything for 10 years including cars. And that looked better than where we are now.

BK is starting to look like the miracle we have been praying for.

Now I need to find an atty.

[realdealOT]

This is so encouraging. Before reading this forum, we thought that if we file we will have to have cash to purchase everything for 10 years including cars. And that looked better than where we are now.

BK is starting to look like the miracle we have been praying for.

Now I need to find an atty.

yeah the best part of that whole thing is, the people who say that, have never filed.