Ok I posted one earlier but now have a different situaton...Found a great car for under 15,000. My question is that I belong to a credit union and what do they look into to get me a loan after discharge(16 days). Do they see how late I was in my old car payments? Is it hard to get financing for ths vehicle? It is a great car but now need help!!!!
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No way for anyone to know what your CU looks at. CU's typically will at least consider your banking history with the CU though, treat you a little more as a person and not just a #.
No way to find out but to call (or go in, in person) and ask...Get mortgage modified: DONE! 7 months of back interest payments amortized, payment reduced over $200/mo
(In the 'planning' stage, to file ch. 13 if/when we have to.) -
Did you include anything in the BK from the CU? I know that ours washed their hands of us for less than $1000.Comment
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No I did not..I just have a savings account there with not a lot of money in it.. and they said that it wouldn't be a problemas long as I still owrk for the company they can payroll ded it.. have been there for 3yr and my other job 7 yrsComment
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just read your other post - so you're not discharged until after 19 Jul, right?
You dont have to answer, but curious to know why on earth you'd want to go 15K into debt again immediately after getting a discharge, paying outrageous interest rate for a vehicle?
I know you said your other car is being repo'd upon discharge, but have you tried to work something out with the lender who owns the car - stands to reason if you're willing to go into more debt of $15K and pay monthly payments on another car - why not just pay for the car you have and work something out with it? Bet you'd be able to get a better deal for the current car than buying the one you are looking at.
Worst case scenario - give the car back and look at buying a nice used one for about $5K - use that for a couple of years and maintain it... get your credit up and then see how you feel about paying sky high interest rates after paying about 18-24% for that $5K loan.
dont fall victim to the mentality of "I want" - think of it in terms of "I need" - i.e.,
"I need transportation....although I want a new car....if a used one gets me from point A to point B...."Comment
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I have 3 kids and I have a mini van gmac wanted to reaffirm the loan at 12,000 kbb says only 5500 I am not going to pay them that because it is not worth it. Plus Gmac are jerks and I do not want to deal with them anymore!!! with the credit union my car payment will be about 200 and my van is at 360.00 so no I am not keeping it and I need a safe car for my kids!!!! They take it out of my paycheck so I will not miss it I will budget around it!!!Comment
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Your CU quoted you $200 a month on a 15K loan? Is that for 5 years or 6?
The interest rate on that vehicle to get that monthly payment would have to 0% to get the payment down that low for a 5 year note and about 1% for a 6 year note.
Use this to calcuate what type of car price you need to look at in order to get a $200 monthly payment. With bad credit, interest rates START at around 12% with a Credit Union and are normally more closer to 18-24%.
Current interest rates for new cars are around 6% and about 7% for used with excellent credit.
I understand having to have a dependable vehicle, especially with having children, but make sure you go in with eyes wide open before you sign on the dotted line.Comment
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I know you like the details and you do not know my credit union they are a close nit company that helps out when needed a few extra yrs on the loan first but will refi after a yr and I understand you would not like to get back into debt but I need a vehicle for my kids I don't want I need...and I am not getting a clunker or a vehicle wth 100,000 miles on it where I have to spend more money on to fix or break down on me wth my kids in the car! Been there!!Comment
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I was trying to help you - but obviously you know everything so... enjoy your day and new car from your credit unionOriginally posted by shannon628 View Post
ETA: and No I dont like the details, but remember you posted your crap for everyone to see and comment on..so... you opened the door.Comment
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Not necessarly, I am < 1 year out of bankruptcy with mid 600 score and just got 9% financing. Just my 2 cents...Originally posted by Pandora View Post
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Someone opened Pandora's box. In all fairness, we are all here to help and provide information based on our personal experience and/or knowledge of the topic. Like Pandora, I don't know how one gets a $15K loan for even 6 years at $200/month. At $2,400/year, you still wouldn't pay it off in 6 years ($600 short) and the interest rate would be 0%.
Pandora was trying to let you know that the number that you posted, may be incorrect and that you may want to speak to your CU representative again about the "real" number. For what it's worth, at 9%, the payment on $15K over 5 years would be about $311 a month.Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
Status: (Auto) Discharged and Closed! 5/10
Visit My BKForum Blog: justbroke's Blog
Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.Comment
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all what I was trying to say - it is possible to get single digit financing with bankruptcy on a credit report.Comment
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*snicker giggle snort*Originally posted by justbroke View Post
Sorry, I just found that highly amusing at 6:30 in the morning
Yes - I was trying to help and basically say that just because a lender tells you something, doesnt mean its the truth unfortunately
It pays to do your homework yourself and know upfront that those "over the phone quotes" of "around 200" usually end up being off by $100 or more.
marchelala - congrats on such a great rate so soon after your discharge! ;)Comment
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