Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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"Bad Credit" Auto Financing

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  • #31
    Has anyone had a good experience with any car loan lenders toward the end of 2010, or early 2011 yet? If so, what interest rate were you charged? I am 5 months post BK7 and will be looking for a loan to purchase a car in Missouri. Thank you.


    • #32
      I am in MN, filed for bk August 2010, and was discharged end of October 2010. I just bought a 2009 Toyota Corolla yesterday, 1/15/2011. I applied through on Wednesday night, and received a reply from my local Toyota dealership on Thursday with a pre-approval for 18k loan. I ended up buying a $13k car, including $750 down payment.

      My rate was 15.5%, 60 months.

      I'm just relieved that I was approved and the rate was not in the 20's.


      • #33
        That rate seems good, considering your situation. That will give me a good idea of what I might be able to get. I just located on line. Thank you for the information.


        • #34
          Not sure if this thread is suppose to continue on, but wanted to share my situation.

          Discharged March 2011, included my car loan, but paid each month before, during and after BK. 2007 Nissan Altima, with a previous loaned rolled into. $391 a month until 12/13. Paying for almost 3 years without it showing on our credit didn't seem like a good option. I needed a car, so we went shopping for a loan - 2 months after discharge.

          Got approved with Cap One.
          New car was like 7.12% and goes up a few points the older the car. We found a 2009 Hyundai Sonata, looks/smells/drives brand new with 30,000 miles, putting $4000 grand down, 8.44% (not doing auto pay so it's higher) and our payments will be around $270 with cap one, but the dealership is still shopping for an even better rate. We are planning to pay $900 a month to pay it off faster...while we can afford to do that.

          I was in shock to find out my score was 659 just 2 months after BK. And more in shock about the interest rate, I was expecting to have to pay like 20%.


          • #35
            I just got my discharge. my credit score hasnt changed and it doesnt say anything about a discharge on my credit report. Should I try or wait. I really need a car badly. my score is 540.


            • #36
              I got a "blank check" loan from Capital One in December 2011. It was kind of ironic, since I BK'd them on, I think, two CC's and an installment loan totaling well over 10K. I guess they want to make their money back.

              I never used the loan because my old, paid-in-full car runs just fine (thank God), and I like paying less than $50 a month for car insurance. But they did give me the loan, roughly a year after discharge.

              Filed Chapter 7: 8/24/2010. Discharged: 12/01/2010
              Member and Exalted Grand Master: American Sarcasm Society (A.S.S.).


              • #37
                That’s nice. According to me you can go with Complete Auto Loans. Even if you’ve been turned down in the past because of bad credit or bankruptcy, they will help you.


                • #38
                  That’s nice. According to me you can go with Complete Auto Loans. Even if you’ve been turned down in the past because of bad credit or bankruptcy, they will help you.


                  • #39
                    Originally posted by Steave View Post
                    That’s nice. According to me you can go with Complete Auto Loans. Even if you’ve been turned down in the past because of bad credit or bankruptcy, they will help you.
                    So you are recommending them? What type of rates/terms do they have?




                    • #40
                      May want to try your local credit union. Refinanced my car 1 year after I had filed - $7500 loan 18 months 3.9%


                      • #41
                        New to the this website and have been reading and going over all the info for a few weeks now. Do need some advice.
                        I was discharged 05/2012. Showing all charge off due to prior of Chptr 7.. Approve Cap One unsecured $300 limit.
                        My main issue is I need a car desperately. Capital One Auto Loans denied (no credit established) Fico EQ 559.
                        I live in Illinois does anyone have any reputable dealerships to go thru. OR can anyone point me in the right direction. Do not have a large down pmt (1000) and not looking for anything brand new.
                        Any help would be appreciated.


                        • #42
                          Originally posted by lukeadams
                          Hello Guys, I want to fully recommend and appreciate the efforts of (email address) This cyber hijacker is a genius He increased my credit from all 3 bureaus. Contact (email address) His real and trustworthy
                          Really? Please explain how a "cyber hijacker" can help increase one's credit scores from all 3 bureaus. I'm sure everyone here would be fascinated to learn of such a valuable resource, as we are all either planning to file for bankruptcy, or needing to repair our credit after bankruptcy.

                          Back to the topic of this thread. Buying a car on credit, especially when your credit scores are low, and you cannot afford a large enough down payment is a terrible idea. You would be better off to save up and buy a cheap car that runs. For example, yesterday, I was browsing the local Craigslist, and some of the inexpensive running vehicles available included a 1994 Plymouth Sundance with less than 100,000 miles for $1100, a 1998 Dodge Caravan with less than 150,000 miles for $1200, and a 2003 Kia Rio with less than 120,000 miles for $1500.


                          • #43
                            I appreciate the links. I took a car loan with bad credit 2 years ago. The loan is for a period of 60 months. The interest rates are high and I wish if there will be some way to get it reduced. I find it difficult to make payments.

                            I read online that I could refinance my car loan with bad credit. I have been making payments without faults and this, in turn, would have improved my credit score.

                            Is the 24 month time enough to be able to apply for a refinance that can benefit me?


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