Don't be afraid to apply - be informed!
We have been receiving a truckload of those 'subprime' offers since filing. Because our old '97 beater was on its last leg, we actually considered some of them. Mechanic bills and unreliability were making our budget for repairs about as bad as just adding a payment.
We checked our credit score. Somehow fresh out of bankruptcy our scores were both close to 700. Mine went up 100 points on experian.
So we disregarded the mail offers for the time being and went to cars.com. We found a used truck with low mileage, really what we wanted. It was at a small dealership about 10 miles away. By not having to pay the IIB bills, we had $5000 saved up for a down payment.
We were pleasantly surprised that with our income and down payment, we were qualified for the vehicle we wanted at 5.99%. They never even MENTIONED our bankruptcy.
We are happily driving a 2012 truck with 16,000 miles on it that runs like a dream
Take home - don't be intimidated... don't assume a BK is going to be the death knell. The lots want the cars gone and are actually LOOKING for enough positives to sell it!
We checked our credit score. Somehow fresh out of bankruptcy our scores were both close to 700. Mine went up 100 points on experian.
So we disregarded the mail offers for the time being and went to cars.com. We found a used truck with low mileage, really what we wanted. It was at a small dealership about 10 miles away. By not having to pay the IIB bills, we had $5000 saved up for a down payment.
We were pleasantly surprised that with our income and down payment, we were qualified for the vehicle we wanted at 5.99%. They never even MENTIONED our bankruptcy.
We are happily driving a 2012 truck with 16,000 miles on it that runs like a dream
Take home - don't be intimidated... don't assume a BK is going to be the death knell. The lots want the cars gone and are actually LOOKING for enough positives to sell it!
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