Hey all, new to the forum and I gotta question I'm hoping someone here can answer. I filed chapter 7 back in 2003, and I'm looking to buy a car in the next few months. In the past 7 years I haven't taken on any credit or debt - no credit cards, no loans, my phone bills and rent have been in my girlfriends name. I'll probably be able to put $2,000 down, and I'll be looking to finance between $10,000 and $12,000 over 5-6 years with no co-signer. Any guesses as to what kinda APR I'll be looking at? Any help will be greatly appreciated. Thanks.
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I'd start by pulling my credit report and scores. If you haven't had any negatives, you should get a pretty good rate (around 8-10% through a Credit Union). Not having any credit history at all might hurt you some, but I'm not sure how much. Credit unions are much easier to work with, and usually have lower interest rates, unless you can get a great deal through a dealer. Don't shop around and let each dealer pull your credit, that can knock you down quickly
Discharged Ch 7 9/10/08
Livin' the GOOD life
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If you shop around within 14 days, you will only get one hit. THat is what I have read on many credit forums.Originally posted by nomoneynomore View PostI'd start by pulling my credit report and scores. If you haven't had any negatives, you should get a pretty good rate (around 8-10% through a Credit Union). Not having any credit history at all might hurt you some, but I'm not sure how much. Credit unions are much easier to work with, and usually have lower interest rates, unless you can get a great deal through a dealer. Don't shop around and let each dealer pull your credit, that can knock you down quicklyComment
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Originally posted by mrskal View Post
I read that over and over also. However, speaking from experience, it doesn't always work that way. We actually requested specifically to only be ran through one financial institution when we found the vehicle we wanted last summer. The dealer ran us through 5 different companies, and ALL 5 showed up on our credit report. It dumped our score by an average of 35 pts. I have tried unsuccessfully to have the other 4 inquiries removed. I learned my lesson the hard way and would rather be safe than sorry.Discharged Ch 7 9/10/08
Livin' the GOOD lifeComment
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You may have a problem that the only thing on your credit report is a 7 year old bankruptcy. No active loans, credit cards, etc. since.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.)Comment
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Each inquiry will show - but if they are all correctly coded as car loan inquiries it should be the same impact as if you only had 1. But the key to the equation is 'if they are all coded correctly'.
Originally posted by mrskal View PostGet 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.)Comment
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How big of a problem are we talking?Originally posted by SMinGA View Post
If I have a co-signer with a 700+ credit score, approximately how much lower would my finance rate go?Comment
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I don't know. I can't really guess how much it would impact things to practically have a nonexistent credit report. A strong co-signor would certainly help, I imagine.
Originally posted by CMR7 View PostGet 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.)Comment
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