Post discharge auto finance. How soon?

[Kahn2814]

First time posting here. I've read many other posts and have found them quite usefull, but I do have a question that I'm hoping you guys can help me with.

My wife and I will be discharged from our Ch 7 April 27th. Unforeseen circumstances involving the birth and hospitilaztion of our child landed us in BK, however, we are now on much more stable financial ground. Unfortunately though, we need to purchase a new vehicle ASAP. I know it's a good policy to wait as long as you can after discharge to look for financing, but how soon after discharge can you attempt it with a reasonable chance for success? Do you need to wait until you actually receive your discharge letter? Will the lender require this?

Thanks for your time and support!

[SinkingFast]

Discharges are, in many Courts, automatically generated. Your Court could be set up to generate the day of Discharge. Our Court generated our Discharge letter a week after our "Last day for Objections and Extensions".

You're best off to wait until you have the Discharge letter in hand. Just in case.

[Walnut]

If you are looking to buy new, start looking now and find a car you want, then start talking to Special Financing at the dealer. They will monitor your situation on PACER and will submit the app to their lenders once you are discharged (don't need papers in hand). You can walk oout of there with a car as soon as discharge, BUT...

be prepared to pay an interest rate of up to 18%. Which you can refinance after 12-15 months. Yes, it sucks, but yes you are also bankrupt.

[FilingOnMyOwn]

be prepared to pay an interest rate of up to 18%. Which you can refinance after 12-15 months. Yes, it sucks, but yes you are also bankrupt.

Absolutely DO NOT do pay that. You should be able to find decent financing immediately after discharge with a bk friendly lender like ford motor credit, on any of their 7 brands, or through something like capital one blank check, which will let you buy from anyone.

[CATCHMEIFYOUCAN]

Get That Car !

Took this quote from this dude off www.lawyers.com:

HOPE IT HELPS !

Figure out what kind of car you want and how much it will cost. Figure out how much down and how much monthly you can handle.

Here's a loan calculator that will help you figure out loan payment based on interest rate, and duration of loan.

https://www.ray.met.fsu.edu/~bret/amortize.html

Then start with banks and credit unions to see what you can qualify for. Do that before you go to the dealer cause the dealer will lie to you and try to stick you with high interest rates.

Also before you go to the dealer check out the following websites:

https://www.carbuyingtips.com/scams.htm

https://www.edmunds.com/advice/buying/articles/42962/article.html?tid=edmunds.a.landing.feature..3.*

https://www.beatthecarsalesman.com/index.html

https://www.stopautofraud.com/

CatchMeIfYouCan