7 years later

[CMR7]

Hey all, new to the forum and I gotta question I'm hoping someone here can answer. I filed chapter 7 back in 2003, and I'm looking to buy a car in the next few months. In the past 7 years I haven't taken on any credit or debt - no credit cards, no loans, my phone bills and rent have been in my girlfriends name. I'll probably be able to put $2,000 down, and I'll be looking to finance between $10,000 and $12,000 over 5-6 years with no co-signer. Any guesses as to what kinda APR I'll be looking at? Any help will be greatly appreciated. Thanks.

[nomoneynomore]

I'd start by pulling my credit report and scores. If you haven't had any negatives, you should get a pretty good rate (around 8-10% through a Credit Union). Not having any credit history at all might hurt you some, but I'm not sure how much. Credit unions are much easier to work with, and usually have lower interest rates, unless you can get a great deal through a dealer. Don't shop around and let each dealer pull your credit, that can knock you down quickly

[mrskal]

I'd start by pulling my credit report and scores. If you haven't had any negatives, you should get a pretty good rate (around 8-10% through a Credit Union). Not having any credit history at all might hurt you some, but I'm not sure how much. Credit unions are much easier to work with, and usually have lower interest rates, unless you can get a great deal through a dealer. Don't shop around and let each dealer pull your credit, that can knock you down quickly

If you shop around within 14 days, you will only get one hit. THat is what I have read on many credit forums.

[nomoneynomore]

If you shop around within 14 days, you will only get one hit. THat is what I have read on many credit forums.

I read that over and over also. However, speaking from experience, it doesn't always work that way. We actually requested specifically to only be ran through one financial institution when we found the vehicle we wanted last summer. The dealer ran us through 5 different companies, and ALL 5 showed up on our credit report. It dumped our score by an average of 35 pts. I have tried unsuccessfully to have the other 4 inquiries removed. I learned my lesson the hard way and would rather be safe than sorry.

[mrskal]

I read that over and over also. However, speaking from experience, it doesn't always work that way. We actually requested specifically to only be ran through one financial institution when we found the vehicle we wanted last summer. The dealer ran us through 5 different companies, and ALL 5 showed up on our credit report. It dumped our score by an average of 35 pts. I have tried unsuccessfully to have the other 4 inquiries removed. I learned my lesson the hard way and would rather be safe than sorry.

Good to know. Thanks

[SMinGA]

You may have a problem that the only thing on your credit report is a 7 year old bankruptcy. No active loans, credit cards, etc. since.

[SMinGA]

Each inquiry will show - but if they are all correctly coded as car loan inquiries it should be the same impact as if you only had 1. But the key to the equation is 'if they are all coded correctly'.

If you shop around within 14 days, you will only get one hit. THat is what I have read on many credit forums.

[CMR7]

You may have a problem that the only thing on your credit report is a 7 year old bankruptcy. No active loans, credit cards, etc. since.

How big of a problem are we talking?

If I have a co-signer with a 700+ credit score, approximately how much lower would my finance rate go?

[SMinGA]

I don't know. I can't really guess how much it would impact things to practically have a nonexistent credit report. A strong co-signor would certainly help, I imagine.

How big of a problem are we talking?

If I have a co-signer with a 700+ credit score, approximately how much lower would my finance rate go?