Got 4 approvals

[dogbone33]

But we need at least 4k down on the vehicle we want. How is that possible when we just got out of bk. And who has 4k laying around to throw at a used vehicle. If we wanted a car we would need nothing down, go figure! I need a truck.... Damn it....

[Stilltheone]

We FINALLY purchased a vehicle, almost a year out of bankruptcy. We ran into the same problem....they wanted a few grand down and they wanted a ridiculously large loan. We didn't want that. We wanted a smaller loan.

We FINALLY got approved through a local "sub prime" finance company. They required $2K down, but the dealer just inflated the price by $2K, so it looked like we had the money down.

Good luck to you! It's a hard road!

[dogbone33]

Thanks! The dealer is trying to find something cheaper for us. Might have to settle for more miles, but beggars can't be choosers!

[marinah]

Dogbone, what types of financing were you approved for? Did you talk to local dealers, or did you do roadloans or something like it?

I am curious because we hope to be discharged in 2 weeks, we are surrendering our only car and will need another one immediately, we're getting worried...

[dogbone33]

We are working with a dealer, you should be able to get a car but we need a truck. Apparently banks don't want to loan money on trucks or suvs.

[marinah]

Uh oh...we need an SUV, we are a family of 5 with 3 small kids. Not good.
I hope it works out for you!

[Stilltheone]

HA!! We have an Escalade we've been trying to trade in since our discharge and we can't GIVE the sucker away. We were told by the dealers that "nobody wants SUVS anymore".

[Flamingo]

But we need at least 4k down on the vehicle we want. How is that possible when we just got out of bk. And who has 4k laying around to throw at a used vehicle. If we wanted a car we would need nothing down, go figure! I need a truck.... Damn it....

It's possible because you filed BK and you have BK on your credit reports. You will either get hit with high interest, big down payment or an inflated car price. As the years tick off and you better establish yourself credit-wise, it will be much easier to get a better loan. There are exceptions to this but the majority of folks right out of BK find themselves in your position. You may not be able to get your truck if you cannot afford it or qualify for it. That's just the way it is unfortunately for a while for most filers.