Buying a Car After Discharge without a Job

[carmiekay]

Hi Everyone,

My husband and I were discharged in 09/2009 and had a voluntary and an involuntary repo. My husband (whom has a job) was able to get approved on a car in 12/2009. Now, I'm in need of a car, but I am currently unemployed. My scores could use improvement... EQF 570 / EXP 630 / TRS 600. I plan on at least putting down $1000...

Does anyone have any words of wisdom or anything I can work with?

[jribe]

Hi Everyone,

My husband and I were discharged in 09/2009 and had a voluntary and an involuntary repo. My husband (whom has a job) was able to get approved on a car in 12/2009. Now, I'm in need of a car, but I am currently unemployed. My scores could use improvement... EQF 570 / EXP 630 / TRS 600. I plan on at least putting down $1000...

Does anyone have any words of wisdom or anything I can work with?

they will want some income in order to get you a car loan. Will your husband be on the loan?

[mikemike]

My opinion is to have patients till you get a job. you just got a second chance and you dont want to ruin it already and get back into debt especially a car and not having a job. Compromise with your husband on using the vehicle. With the $1000 down payment save that and save until you have a job and by the time you know it you might have about 4000 down. dont risk it

[carmiekay]

Well, I'm kind of in a pickle as the car I'm using now I am borrowing from my cousin (which I'm making the payments on from my unemployment checks) and he needs his car back since his other one has basically died and he doesn't want to pay to have that car fixed.

My husband doesn't really want to be on the loan if he doesn't have to be. I've read that other people were able to get loans, with one spouse unemployed but the other cosigned was working... and vice versa.

What a situation!! I agree with you both... I don't want to get myself back into a bad situation so I'm trying do tread carefully. What to do, what to do!

[aces67]

I would not get any thing financed until you find a job.

You're probably not going to get approved anywhere anyway with no job.

[carmiekay]

FYI - It's been awhile, but to update everyone... I was able to get financed for a car from CapitalOne with a decent APR for post BK7. Basically, "in our situation", I applied as the primary with my husband co-signing (who is employed) and was able to get financed. I don't know what the outcome would have been if I applied without him since I didn't try it.

Good luck to anyone in this situation.

[CMR7]

FYI - It's been awhile, but to update everyone... I was able to get financed for a car from CapitalOne with a decent APR for post BK7. Basically, "in our situation", I applied as the primary with my husband co-signing (who is employed) and was able to get financed. I don't know what the outcome would have been if I applied without him since I didn't try it.

Good luck to anyone in this situation.

Define decent APR

[carmiekay]

For me, decent is 12 & that's what we have.

[mikemike]

What was ur credit score when u got the loan? how much u put down? btw do u work now? if u dont mind me asking because if u got the loan from being on unemployment that would be crazy lol

[JackBondLove]

My husband doesn't really want to be on the loan if he doesn't have to be.

He's your husband. It's supposed to be "for better or worse." This is the "worse."

You can always try. An old colleague of mine ran a used car lot. Of course, he would buy old cars for $1.5K and sell them for $4K at 36% interest, with $1K down. These folks are used to dealing with folks, as he put it, that are at "the bottom of the barrel." You've just gone through BK and you are unemployed - ergo, you are at that position in the barrel. I'm there too, except that I have a car with 150K miles that I will be driving until the wheels fall off (good thing it's German!)

Without a job, I would say that your chances of getting a car loan at a respectable place (i.e., a new car dealer's used car lot, or something like CarMax) is pretty low, so you are stuck buying a 6 figure cars (that's in terms of mileage, not vale) at a shady used car dealer, who is going to make you pay for it, but you have no other option.

Side question - if you are unemployed and your husband has a car, why do you need a car as well?