Question
Who is the best lender to go through for an auto loan after chapter 7?
Can anyone suggest a good lender to do auto loan financing with after chapter 7. My spouse and I filed back in Feb 09. I have since been able to get a non-secured credit card, but my husband can not. I think it is because my score is 670 and his is 590. I am not sure. We just want to do our research and get approved before we go in to buy a car. I understand the rates are going to stink and we may have to put down 20%, but we need a second car and need to rebuild credit. Thanks for your help No it is not with First Premier Bank, it is unsecured, good rate, no annual fee AND no stupid fees like FPB. To answer your question as to why I want to get into credit again. AH HELLO you can not buy anything without credit. I can not just sit around and wait for my score to go up with no credit. Also, we need a second car. I just love people who judge others. My question wasn't about you judging me on my poor decisions that got me in this mess. What got me in this mess was losing half of our income due to salary cuts and loss of health insurance through our employer. It was either pay my credit cards, or for private insurance.
4 weeks ago - 6 answers
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Other Answers
Find a auto dealer who carries their "paper" - you'll over pay for the car, but they're the only ones who will finance you. But keep shopping!
by dusty_titus- 4 weeks ago
Very likely, that there won't be any lender, that will lend to you. The car dealership, might be able to finace you, but as you guessed, the rate, would be crap. Just be sure to negotiate the final price, not the payment.
by fakehuskie- 4 weeks ago
I don't know of any reputable lenders that will deal with someone under a year out of chapter 7. In fact, I am shocked you got a credit card unless it was one of the predatory companies(first premier). Your best bet would be to visit a dealership. They have networks of lenders they deal with. One advantage you have is that lenders know you can't file bankruptcy again any time soon. That isn't much but is worth something to some lenders.
by timothy p- 4 weeks ago
Talk to a local credit union as they're more likely to work with you than a bank, A large down payment will likely get you financed, Ford Credit used to be good at lending 6-months after discharge with a large DP but I don't know how they are now in these credit challenged times, times have changed, Good luck ...
by drive_55_not- 4 weeks ago
Why would you wanna go through all that agian? Borrowing money and worshiping the fico got you into a mess and you wanna do it again. The fico score, along with credit cards are designed to do nothing but get you into debt and keep you in debt. Save for a cash car. You will have no payments and it'll get better gas mileage if it is not dragging a payment book behind it.
by heybulldog- 3 weeks ago
Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool - carquotes.fateback.com
by Mario- 3 weeks ago