Our van is in the shop now we are waiting for a quote. It is only worth 4K so I don't want to sink a ton of money into fixing - but I really don't want to get a loan now if the interest rate is oging to be double digits. Has anyone recently tried to get a loan post BK - about 2 years? Has been over 2 years since filing - almost 2 years since discharge. Our credit is clean since then - we have one credit card that we have used very little and pay off....if 2 years isn't long enough how long do you have to wait to get a half-way decent auto loan? Thanks! I don't want to start applying for loans to find out b/c I don't want any inquiries on my CR unless I have no choice.
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I would say if your out 2 years and your credit is clean you should be fine. We bought a car 2 months out of BK that was a higher rate and another last month 1 year out with a better rate. It all depends on how much you want to spend, what your interest rate will be and how much you want to put down. -
We bought a car just a few months after discharge and got 12%. I would think you should be able to get a decent single digit rate by now.4/09 Converted to a Ch 7 due to loss in dh's income
5/09 UST now involved no idea what happens next
7/09 UST has decided to withdraw his motion to dismiss!
7/27/09 DISCHARGED!!!
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Applied through C-1 blank check - got 5.8%. Went to dealer and bought new though and got 1.9%. Just 2 years since discharge. Things in our favor I think - Husbands good income...we re-affirmed a car loan during BK and since paid it off - maybe that helped. Since BK have opened one credit card with a $1500.00 limit and keep it low/or zero balance. The dealer told us our "Beacon score" was high enough to qualify us for anything. Never heard of a Beacon Score.Comment
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Congrats! That's a super good rate!4/09 Converted to a Ch 7 due to loss in dh's income
5/09 UST now involved no idea what happens next
7/09 UST has decided to withdraw his motion to dismiss!
7/27/09 DISCHARGED!!!Comment
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I was approved for a loan with a local credit union a few days after discharge for 7.19% for a 2005 F150. It was a truck we had prior to the bk paid in full that was used for collateral for our business loan. Just signed the papers yesterday (a month and half after discharge). This was a credit union we had never done business with prior. My credit score was 653.
Good luck to you!Comment
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