Auto financing through Orchard lender? anyone?

[pink_amulet]

I was wondering has anyone gone through Orchard for their auto financing? Both hubby and I have Orchard credit cards and now have been approached by Orchard about auto financing....can be used for new/used purchase or refi.
They way they explained it it sounds like it worked just like Capital One's blank check. Hubby and I are getting a car come Jan or Feb 07....so we were wondering if anyone heard of their rates?

Thanks

[HHM]

I suppose you are near one year out of BK, but do you really need a car at this point. I see so many people on this forum talking about getting cars and houses within months of BK, seeming to forget how they got in financial trouble in the first place. Instead of financing a car, save up what you would have spent on the monthly payment and pay cash after a year or two.

Granted, if you need a car, you need a car.

As for your specific question, the rate and terms would probably be pretty crappy given Orchard is a severe sub-prime lender, so you would be paying a ton in interest...which means it would be a lousy financial decision on your part.

[ugh]

You may want to post in or review the "Buying a car after BK" thread. I think I remember seeing some posts regarding Orchard & Capital One.

http://www.bankruptcyforum.com/forumdisplay.php?f=20

[tinroofrusted]

I was wondering has anyone gone through Orchard for their auto financing? Both hubby and I have Orchard credit cards and now have been approached by Orchard about auto financing....can be used for new/used purchase or refi.
They way they explained it it sounds like it worked just like Capital One's blank check. Hubby and I are getting a car come Jan or Feb 07....so we were wondering if anyone heard of their rates?

Thanks

They are really really high with their interest rates.... say around 15-21%. You'd do best to go to www.lendingtree.com and go that route instead and get the best rate possible.

[pink_amulet]

I suppose you are near one year out of BK, but do you really need a car at this point. I see so many people on this forum talking about getting cars and houses within months of BK, seeming to forget how they got in financial trouble in the first place. Instead of financing a car, save up what you would have spent on the monthly payment and pay cash after a year or two.

Granted, if you need a car, you need a car.

As for your specific question, the rate and terms would probably be pretty crappy given Orchard is a severe sub-prime lender, so you would be paying a ton in interest...which means it would be a lousy financial decision on your part.

As for the car situtaion...we don't have one. We turned ours in during our BK, because we were upside down, and it was having problems.
My parents lets us borrow the car since, however they said we could use it until we get one. We told them that we will with our income tax check. They have been cool about until then. So while yes....I have seen some members run out and get new things RIGHT AWAY...we haven't!!! We have been waiting for a year (we were discharged Jan 06).
As for Orchard i was just wondering if anyone had heard.....they wanted us to apply , but I don't want any unnecessary inquiries on our report quite yet. Since we are not getting one until next year.Just wondering and looking around for the best rate, and doing things the responsible way!! Thanks for the heads up about the rates you guys

[HHM]

If your a year out from BK, the first place to go would be to the car dealer directly as they have the most programs to offer. Also note, if you lump all your credit inquiries into a 14 day span, it does not count against your credit score. If you are not going to apply until next year, don't worry about it now.

But yes, if you go to someone like Orchard, Cap One, etc, (second chance lenders), you can expext your interest rate to be in excess of 10%.

If possible, save some money between now and then, and combine that with your tax refund and pay cash for a car.

Sorry, I didn't mean to take out an frustration on your situation, but one thing I DO on this forum is try to help people put things in perspective and to try to help them understand the impact of their financial decisions.