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Want a new car - What kind of interest rate for 646-676 credit score?

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  • Want a new car - What kind of interest rate for 646-676 credit score?

    I filed Ch7 and we're 10 days away from discharge. This was a BK due to a failed business, so wife and I have decent incomes and always had great credit. The BK knocked my credit score from near-800 to 646, 646, and 676 with the three credit bureaus.

    I want to go to my bank or to a car dealer to get a new car, but I'm afraid of the Interest rates I'll get offered. Does anyone ahve any experience with what kind of interest rates you can get with a 646-676 credit score?

  • #2
    I just bought a new Chevy Cruze and got 2.9% through Ally and my score was only 600.Be patient and you can get a good rate.


    • #3
      It really is a crap shoot!

      My discharge was this month, and I too needed a vehicle. My Trans Fico was 703, Equifax Fico of 712, and Experian Vantage Score was 692 (Fico not available for Exp anymore).

      I found a great deal on a car, where I negotiated the price to be FAR BELOW market value, putting the bank in a good equity situation. I had $10,000 cash to put down. I felt very confident that I could land a good rate and get approved. I was wrong. It was not easy at all.

      CapOne - turned me down
      My local Credit Union - turned me down
      Wells Fargo - turned me down
      Chase - of course turned me down.
      Kia Financing - turned me down
      Santander - approved, but at 15%

      Finally, I went back to my credit union and begged to plea my case. I showed them the KBB value on my car, and that I was purchasing it for $10,000 less. I showed them my pay stubs, Print outs of my Fico scores. I told them I had been approved for 15%, and that bank was about to rob me . . .but I had no choice because I need a car.

      The branch manager . . . told me to sit tight . . . made some phone calls . . and finally came back approved at 5.74%. I was thrilled . . . and amazed that I could actually get a bank to reconsider my loan.

      Everybody's case is different . . braincramp got lucky on 2.9% with Ally. Few months ago I called Ally and inquired on whether or not the finance post bk clients . . they told me yes . .BUT they have strict criteria, and the cut off Fico was 620.

      You will see there is a HUGE thread about CapOne . . but that is hit and miss too. I never BK'd Cap1 and have score of 700's. They declined me. Yet, many others who have scores in the upper 500's to low 600's get approved . . even when they BK'd Cap 1.

      You have to be willing to be patient and shop around. On the Fico website it specifically states that they understand when consumers shop for cars, they shop around for the best rates. It also states that for car loans and mortgages - it counts ALL inquires to your credit as ONE, during a two week period. So, don't be scared to shop around when you are ready.

      But, my best piece of advice is to sign up for one of those credit monitoring services for a few months. This will allow you to clean up your credit, and have a visual or alert of when your Discharge actually hits the bureaus. This is important because you wont get any loan until the bureaus show your BK as discharged. Even if two bureaus show it as closed and one shows it as still open . . . you will be denied.

      Cap One Auto is probably your best best - but DO NOT apply until you are certain all three bureaus have been updated as "discharged" Cap one pulls all 3.

      Good luck


      • #4
        If you have a small community bank, or credit union, then they should treat you really nice. The two credit unions that I'm a member of look at the score and debt-ratio solely! Why not just apply and see? Remember, you can apply at multiple places in a 7-14 day period, and it only counts as one inquiry on your credit score calculation. This is known as "rate shopping".

        If your score is about 650, you should get decent rates (certainly less than 8%), or may qualify for the dealer financing at the lower rates (1.9%, 2.9%, 3.9%, etc).
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog

        I am not an attorney. Any advice provided is not legal advice.


        • #5
          I really wish I knew what do they look at? My score was very low only 598 EXP and 73 day post discharge AND I was approved. Maybe no debit help, low $80's income or the two $2k secured card I got after I closed my chapter 7, help my case. But it was strange they approved me for $19k, then I reapplied asking for $30k and was approved again. When I finally saw the score on my cap 1 paperwork was only 598 with a APR of 10.39% I was shocked. I'd suggest to just go for it, your numbers should get you a much better rate than I did...
          filed 10/27/2010 341 12/10/2010
          No assets 12/15/2010 Discharged 3/2/11 Closed 3/7/2011


          • #6
            We were 2 years out w/ credit scores around 640 & got 4.75% from a local credit union on a brand new Kia Sorento. They won't just look at the scores most likely though, they will take the BK & all other factors into consideration as well.

            Hubby still thinks buying a brand new vehicle was the way to go, but now I'm not so sure. When we bought it, we didn't have a house payment (house was furnished by employer) & had no plans to change jobs. Our situation changed and now that we need a house, the vehicle payment is killing our debt to income ratio. We can't afford what we want w/ the vehicle payment.

            If I had it to do over again, I'd buy a used vehicle w/o the higher payments & go back to enjoying not having big payments on anything!
            Last edited by nomoneynomore; 06-01-2011, 02:36 PM.
            Discharged Ch 7 9/10/08
            Livin' the GOOD life


            • #7
              I am a little over a year from my Ch. 7 discharge and close. I started out by asking for a Capital One credit card. It was at 24% interest but I never intend to carry a balance again. I charge a little and pay it off, charge a little, pay it off. After about 6 months, they raised my limit. Now, my credit score is 641 (ugh - it used to be sooo much higher before the BK) and Captital One approved me for a $24,000 blank check loan at 5.4% (and I chose a 48 month term). I was able to go to a dealer this weekend and negotiate a new Nissan Rogue for about $19K financed. I'm putting $2K down (been saving) and trading in a 14 year old car. I tend to drive cars until they're almost dead, hence the new car purchase.
              Filed Chapter 7 pro se: 1/27/10
              341 scheduled for: 2/25/10
              Last day for objections: 4/26/10
              Discharged! - 5/3/10


              • #8
                My '02 Alero died last November and I went to my local Hyundai dealer that sold us my wifes Sonata in '08 that we were riding through with Hyundai Motor Finance Co. After finding the model I wanted, the hardest part was telling my salesman and floor manager about the BK, but they were encouraged to hear we were current and still paying on the Sonata.
                It took a couple calls to HMFC, but I got approval for 4.9% for 72 months, with $1500 down, and got the $1500 rebate that was in place on the '10 Elantra, plus $1000 bonus cash for using HMFC.

                Fast forward to Feburary when my wife took her Sonata in for its oil change and she was in the waiting room looking at the '11 Sonatas...long story short, 3 days later her '09 was traded in for a '11 Sonata, using HMFC again this time we got a 2.9% rate.

                HMFC is Chase owned I believe, which suprised me as there was some Chase CC's in our BK.
                CH 7 filed on 6/12/09:cry:
                341 Scheduled on 8/11/09:blink:
                341 Concluded @9:20 8/11/09...Now begins the waiting game.:dry:
                Discharged on 10/14/09:clapping::yahoo:


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