Joint or individual car buying...

[Toby34]

My wife and I had our BK Discharged in early October....I am in the need of a used car now.

My wife has a current car loan that we have had for a few years and kept during our BK.

My question is, should I apply Jointly for a car loan, or by myself?

My wife makes quite a bit more then I do (over double), I have 1 CC (store w/ $120 on it), I just got approved yesterday for a Capitol One CC.


I had a Loan from Roadloans about 3 years ago, with no hassles.

Thought about appling with them again, or try Capital One Blank Check Loan.

Any input would be great. Thanks.

[magyar123]

Try applying in your name only first. If the terms are too ridiculous then apply jointly.
Remember you yourself will get approved somehow - car dealers want to reduce their inventories. It is YOU who can play hardball now.

[coloradomrg]

car dealers want to reduce their inventories. It is YOU who can play hardball now.

But banks are who approves the loan. Keep in mind that no matter what a dealer/sales person/finance manager/anybody at a car lot tells you, he has absolutly no influence over the underwriters at the banks that they use.

There are good deals to be had, but the bank is the one who decides if the good deal can be financed.

[magyar123]

But banks are who approves the loan. Keep in mind that no matter what a dealer/sales person/finance manager/anybody at a car lot tells you, he has absolutly no influence over the underwriters at the banks that they use.

There are good deals to be had, but the bank is the one who decides if the good deal can be financed.

True, but any ethical bank (if there is such a thing) who just received billions in bailout money will be more likely to do what the bailout was supposed to accomplish - loan to the population again.

[AngelinaCatHub]

True, but any ethical bank (if there is such a thing) who just received billions in bailout money will be more likely to do what the bailout was supposed to accomplish - loan to the population again.

But that is what I have heard is NOT being done. This is the fallacy of the bail out. Also, the Gov. is not tracing the use of the funds. In this case, they should drop all charges on the guy with the multi billion dollar ponzi scheme. We now have a Treasury ponzi sheme, and it is failing real fast. 'Hub

[coloradomrg]

The bailout is not to encourage banks to make loans that don't make sense. Lending restrictions have tightened, rates are up(although not by too much, and some are starting to come down) across the board, and fewer banks are lending "sub-prime" customers money.

It IS a good time to buy a car, but you have to have all of your ducks lined up BEFORE you go shopping

[Toby34]

So is 19.5% the best i'm gonna find? Capital One turned me down. Roadloans approved me. Should I try some dealers that advertise approving everyone? Or would the down payment be huge?

I can handle $1000 down payment, but no more then that right now.

[coloradomrg]

So is 19.5% the best i'm gonna find?

19.5% is probably NOT the best rate you can find. Check with local credit unions if you have some time to do the research.

[Toby34]

Just thought I'd update this.

I was approved by myself for 19.5 by roadloans for 72 months.

My wife and I found a Honda at a Honda/VW dealer and went in there and had them see what they could do.

Jointly we got approved for 16.5% for 60 months. He tried to get us 72 months but we could not get approved for 72 months.

Our payment went up $7.00 but it saved us over $6000 in interest plus saved us a year of payments.

We were very happy. So don't sell Car Dealerships short!


ps...this is on a 07 vehicle.