Carmax and approvals

Nik1ki

Junior Member

Joined: Mar 2022

Posts: 1

State: New Jersey
#1

Carmax and approvals

03-23-2022, 01:19 PM

Hello, just wanted to know if I can expect a high interest rate after filing bankruptcy and have been. Discharged since October?
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shipo

Moderator

Bankruptcy Tutor

Joined: Feb 2020

Posts: 1457

State: New Hampshire
#2

03-23-2022, 01:34 PM

Pretty good bet the rate will be high. The plan many follow is to either wait as much as a year before applying for a loan, or, take the loan out at a high rate and then refinance after a few months.

Latent car nut.
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justbroke

Super Moderator

Bankruptcy Wizard

Joined: Jul 2008

Posts: 23002

State: Florida
#3

03-23-2022, 02:10 PM

I waited 6 months after discharge and got 7.49% from a credit union. That was in 2010 and wasn't really that high over average.

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

Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.
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