My husband and I filed Ch. 13 in May '03...we were discharged in June '06. His vehicle is on its last leg. So were are checking our options for a car loan. Our scores are somewhere between 640-680. In the past we have had a car loan with GMAC but that was back from 1993-1998, it was never late and paid in full. We have also had car loans from Wachovia in 1996-2002, it too was paid in full without any lates. Our most recent car loan was with Wells Fargo 2002-2004, it was included in our bankruptcy repayment plan but it ended up being totalled in 2004 and the insurance company paid that part off. We currently have a mortgage which has never been late, have had it since 1998. Recently (Aug) I decided to go online at to either lendingtree or eloan to see if we could get a loan. We were approved through Roadloans but the interest rate was 12.75%. At that time I just applied in my husbands name he is the one who works, I am at stay at home mom. I have also since August cleaned up a few things on our credit reports that were not reporting correctly. Just yesterday I called the credit union we opened a savings account with in Sept to see about getting a loan with a decent rate. They wouldn't even approve us for a loan. The guy told me that I needed to wait a few years and apply again.
Is there any chance of going to a dealership and getting a decent decent finance rate? I really don't want to go in there and just have them come back with a ridicously high interest rate or worse yet tell me they can't approve a loan for us. We are looking at either a Chevrolet, Toyota, Nissan or Honda.
Is there any chance of going to a dealership and getting a decent decent finance rate? I really don't want to go in there and just have them come back with a ridicously high interest rate or worse yet tell me they can't approve a loan for us. We are looking at either a Chevrolet, Toyota, Nissan or Honda.
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