Is it best to get Financing online or at the dealership.

[NOMOREBADCREDIT]

Is it best to apply for Financing online or at the dealership. iam having a hard time getting Financing online cap one,roadloans denied me with scores in the high 600.

[Flamingo]

If you do a search on here as to auto loans after BK you will get a wealth of information. I will repeat what I have stated many times on here before; your best chance of getting a decent car loan after filing BK is if you had a prior loan associated with a certain brand of car (i.e., Ford Credit, GMAC, etc.). That loian would not have been late and paid on time and paid in full. If you did have a prior loan of that nature, go to a dealership carrying that brand of vehicle, speak with their financing people and see what, if anything, can be done for you. We had two prior car loans with GMAC, paid in full and on time, and that worked to our advantage in getting a new car loan at 0% financing (promotional rates at that time). We were not yet even discharged from our Chapter 13; we had just bought out of the Plan two weeks prior to looking for a new vehicle which was desperately needed after 4 years in our Plan and 3 years old going into it.

If you do not have any prior vehicle loans of that nature, speak with the financing manager at a dealership of your choice to see what options may be available to you. I would avoid anything online...

[NOMOREBADCREDIT]

If you do a search on here as to auto loans after BK you will get a wealth of information. I will repeat what I have stated many times on here before; your best chance of getting a decent car loan after filing BK is if you had a prior loan associated with a certain brand of car (i.e., Ford Credit, GMAC, etc.). That loian would not have been late and paid on time and paid in full. If you did have a prior loan of that nature, go to a dealership carrying that brand of vehicle, speak with their financing people and see what, if anything, can be done for you. We had two prior car loans with GMAC, paid in full and on time, and that worked to our advantage in getting a new car loan at 0% financing (promotional rates at that time). We were not yet even discharged from our Chapter 13; we had just bought out of the Plan two weeks prior to looking for a new vehicle which was desperately needed after 4 years in our Plan and 3 years old going into it.

If you do not have any prior vehicle loans of that nature, speak with the financing manager at a dealership of your choice to see what options may be available to you. I would avoid anything online...

I had repo that discharged. can I still approved.

[Flamingo]

I had repo that discharged. can I still approved.

I don't know, that is up to the creditor, but if you had past, paid on time car loans as I stated in my original posting, that should be a plus for you. Just go to the same dealer carrying that brand of vehicle. If you do not have a past, on time paid off loan as I previously stated, work with the financial manager at a dealership of your choice.

None of us can tell you whether or not you will be approved for a loan. We can only advise what might work for you to get that loan.

[jerzey]

The dealer is out to raise the rate on you BK or not the higher the rate the more the bank pays the dealer

You best bet is researching 2nd change auto loan lenders and there alot of them

[bmcmull]

Go to a franchised dealership that specializes in special finance, take with you proodf of income and residence, you discharge papers and some money down apx 1k would work. Depending on your job time there are banks that will buy anyone at about 80% loan to value ratio which you could get to easy with rebate money. YOu will pay a high rate and a bank fee but you will have a car. Or do what I did and buy a used car for cash cause I do not want anymore debt.

[bmcmull]

Also avoid online they shotgun your credit all over the place. Go to the dealership and ask for the special finance manager, be nice explain your situation, undersrtand that its their job to get your deal done, and expect to pay for his services. Dont let him rip your head off but be flexable, you can alway's walk away from the deal.

[BassBoy]

The dealer is out to raise the rate on you BK or not the higher the rate the more the bank pays the dealer

Not entirely true!

Not every dealership is out to rip you off. Yes, I will concede that there are some real low-lifes out there that will take advantage of you, especially if you have bad credit, BK, repo's and what not, but there are some good ones who play it straight.

To the OP.......I agree with the others. Speak with the special finance managers and see what they have to say. But as jerzey points out, watch out for the con artists. There are many articles all over the web about how dealers try to take you to the cleaners, so it's best to be well informed. Edmunds.com has many tips and tricks about what types of scams dealers pull, and in my opinion, that's a good place to go and read up.

As far as acquiring your own financing........in my experience, the dealers usually have better success getting you the financing because of their reputation with certain lenders. For example, there are dealers out there (the honest ones) that will not put you in a vehicle or a loan you can not afford. And because they've done that, the lender is more apt to approve a loan the dealer requests for you beause the dealer has the reputation of putting buyers in cars they can afford and with good terms.

[jerzey]

Not entirely true!

Not every dealership is out to rip you off. Yes, I will concede that there are some real low-lifes out there that will take advantage of you, especially if you have bad credit, BK, repo's and what not, but there are some good ones who play it straight.

To the OP.......I agree with the others. Speak with the special finance managers and see what they have to say. But as jerzey points out, watch out for the con artists. There are many articles all over the web about how dealers try to take you to the cleaners, so it's best to be well informed. Edmunds.com has many tips and tricks about what types of scams dealers pull, and in my opinion, that's a good place to go and read up.

As far as acquiring your own financing........in my experience, the dealers usually have better success getting you the financing because of their reputation with certain lenders. For example, there are dealers out there (the honest ones) that will not put you in a vehicle or a loan you can not afford. And because they've done that, the lender is more apt to approve a loan the dealer requests for you beause the dealer has the reputation of putting buyers in cars they can afford and with good terms.

I never said they rip you off
they do the work to find you the deal, there for the bank pays them whats called a YSP and for doing the work they DESERVE that fee
the dealer has bills to pay too

ALL and I mean every car dealer in America gets a YSP.

Any loan broker in fact does get a YSP

So for car loans I suggest the person do the work the dealers are going to talk to the same lenders the person can. so why take a point or 2 higher when you can go to the lender yourself? Credit report you say, well thats solved 2 ways
One way is fax your copy to them dont allow them to pull credit but quote you off that report thats the same thing the car dealer does
and while shopping for a car with in 60 days all credit pulls must show as 1 pull on the credit report

And FYI i wrote loans for 7 years

[BassBoy]

Good discussion about this jerzey. Not to go off topic......I thought the YSP was in the mortgage arena (and must be fully disclosed anyways)? This is where the loan officer is paid the YSP, correct? Well, in an auto purchase, the dealership is not a loan officer.

I didn't mean to incline you were stating that the dealers are out to rip one off. It was a general statement I made. I thought you were referring to the art of raising the rate on loans for bad credit for a higher kickback on the interest payments of the loan, and not raising the rate to cover a fee.

But anyways.............

[jerzey]

Good discussion about this jerzey. Not to go off topic......I thought the YSP was in the mortgage arena (and must be fully disclosed anyways)? This is where the loan officer is paid the YSP, correct? Well, in an auto purchase, the dealership is not a loan officer.

I didn't mean to incline you were stating that the dealers are out to rip one off. It was a general statement I made. I thought you were referring to the art of raising the rate on loans for bad credit for a higher kickback on the interest payments of the loan, and not raising the rate to cover a fee.

But anyways.............

Ysp is offered by any "bank" as compensation for sending the loan to them
This works in ANY loan brokering Mortgage Cars Boats RV's Furniture..ETC

Ysp for Mortgages BROKERS is known about because Lo's by law must disclose it
ALL others DO NOT including Banks who borrower from other banks YES Bank of America may get you loan funds from Wells Fargo and receive a YSP!

so you can ask the deal and he doesnt have to tell you nor does the dealer have to tell the car salesman either because,Salesmans job is just that sell the car
A mortgage L/O's job it find the borrower, sell the borrower, find funding for the loan he/she has a few roles and Not all mortgage lenders share the YSP with the L/O

Honestly its a mess!
YSP should never have been put in place but its the way the banks say "come use us we will pay you"

In reality what YSP was meant to do:

Mr borrower you can either put down another $1000 on this fine KIA and get a 4% loan over X amount of months
OR you can keep the $1000 and take a 6% rate over X amount of months
It was meant as an option for the borrower while keeping the dealer or mortgage company getting paid

But instead most lender if it be car, mortgages, etc.... just take the fee and rarely go into detail with the borrower and rape them on the rate

There is NO Honest lender, Honest Lenders go out of business Or in my case Go into chap 7 bk cause you cant find it in your heart to screw 15- 30 families a year just to pay your own bills

[NOMOREBADCREDIT]

thanks everyone