Dealerships is full of BS all i hear is lies., Still cannot get financing with a 670

[NOMOREBADCREDIT]

all of those u listed and these said no.
wells fargo
suntrust
hsbc
state farm
national finc.

[NOMOREBADCREDIT]

Which one. I listed four and there are many more out there.

also cap one said no .

[Flamingo]

What is bad here is that you have run up a load of hard inquiries on your credit report trying to get financing. What I suggest you do is not apply for any more credit or car loans for a while and investigate if there are any car sales that you can use your job as your credit (we have a popular one in our area that has a good reputation and seems to have satisfied people). While fees/interest may be high, it's better than nothing if you really need a car until your situation improves, some times passes and this is all behind you. It's tough after BK...I hope things look up for you soon....

[NOMOREBADCREDIT]

is there a carmax dealer near you? we were able to get a used van from them using our old van as our down payment. fico is 660, was discharged nov 07. no other credit applied for since then. apr is 10%. better than my apr when i got my first car 10 yrs ago (12%), you can refinance after you establish your credit again.

yes there is a carmax near me but they seem to be no help.

[Stilltheone]

I agree....you've got so many inquiries now on your credit, plus 20+ from your other post....I would stop for right now.

[wolfledet]

I'm in the same predicament with trying to get a new vehicle...it ticks me off. But I'm giving the Kia place one last try for me Tuesday morning...the guy thinks he can get me financed with around 18% so I will just refinanced 6months to a year. We filed bankruptcy helping out our family due to an immediate death in the family, now the same family didn't want to help us. go figure....
Anyway good luck trying with a new vehicle...but don't run too many inquiries it will hurt ya!

[lrprn]

An obvious question....have you looked your credit reports (all three) over line by line to be certain everything is accurate on them? Do you have one or more false derogatories besides your bk that could be making your car lenders skittish?

Agree that you need to take a break. So many hard inquiries in such a short time is going to drop your current scores for awhile. Work to clean up any inaccuracies on your credit report and if you can wait that long, try again in a month.

[Still_Standing]

Banks have always preferred to finance a brand new car
over an used one.

Probability of car being in perfect running condition during
term of loan is higher on a new one.

[NOMOREBADCREDIT]

i am now looking for a used car that cheap low cost. i found a dealer that will finance my but at 19.99% this at a new car dealership. sould i take it it for a honda.

[rushing101]

If you can live with 19.99%...

[bmrigs]

i am now looking for a used car that cheap low cost. i found a dealer that will finance my but at 19.99% this at a new car dealership. sould i take it it for a honda.

You should never accept a loan at that rate. This is ridiculous and is blatant usury. Think about it. If you bought a $10,000 used car the interest alone at 20% would be about $1,800 a year. Dont walk away, RUN!!!

[NOMOREBADCREDIT]

You should never accept a loan at that rate. This is ridiculous and is blatant usury. Think about it. If you bought a $10,000 used car the interest alone at 20% would be about $1,800 a year. Dont walk away, RUN!!!

thanks I don't know what else to do I couldn't get approved nohwere evenwith my scores of 670 all I got is abunch of inqs. The car was going to cost 8000.00. Everyone is telling me with a bk int rate would be high. And my old car is on it's last leg.

[HopeFaith]

I had a friend who went to purchase a used car 6 months after BK, and got the same run-around. Funny thing is, she went to a Honda dealership and got approved at 6.8% on a brand-new civic with no $ down and a bit of negative equity from the trade.

The dealerships told her that it's easier to default on an older/high-mileage vehicle because mechanical breakdown can cause financial hardship and result in missed payments. The banks prefer to lend to you on something reliable. Statistically, the risk is greater on an older vehicle.

[HHM]

You never mention if you have a down payment, if the answer is no, you made a handful of basic mistakes.

1. Not having any money down.
2. Trying to finance a used just out of BK.
3. Going to banks, believe it or not, mainline dealerships really do have the most financing options, but you have to be on your toes.

The hard inquiry thing is more myth than reality. So long as the inquiries are within a relatively short amount of time of each, they have absolutely no effect on your score.

Here is the why as to your mistakes
1. Dealerships cannot alwasy arrange financing on used cars that impound extra costs like taxes and title that take the loan above a conservative LTV.
2. Because of manufacture incentives, dealerships can impound non purchase money items on new cars usually up to 115% LTV on the car.
3. Banks have really gotten out of the business of doing car loans (at least direct to the consumer) and 99% of the time, the dealership can get you a better rate.

If you are just out of BK and "need" to get a car and your only option is to finance, then you will likely find greater success with a cheap new car than with a used care.