Need some guidance with auto loan

[RW3]

Hi all,

I am looking to purchased a used vehicle from Carmax, I've done business with them in the past and they have been great.

I was discharged from a Chapter 7 BK in 2009, and have been approved for a loan with the following terms:

Wells Fargo Dealer Services
60 month term
18% Interest Rate!
$18,000 for auto
$3000 down

I believe my wife's credit score and my credit score are in the low to mid 500's. I make $70K a year, she makes around $80K.

Are there any other online lenders that you would recommend I try for a lower interest rate? I don't want to blatantly apply all over the place. I've checked the forum and am not quite sure which auto loan institutions are best.

Thanks!

[Nicollette]

I have read in other threads on here about people getting approved through Roadloans and Capital One Auto Finance.

[freedom7]

I would definitely try Capital One, unless you have had issues since discharge that rate is really high, I used Americredit 3 days after discharge and the rate was 18%, Cap One refinanced that loan for 9% and approved my next car at 6% all within a year of discharge, I know everyones situation is different, but your income is well above average and your discharge is a year old, so it should be worth shopping your rate...good luck

[Amy26]

I also recommend a credit union. If you have a credit union or can become a member of one... I highly recommend it. I joined Apple FCU and they refi'd my Americredit 17% auto to 8.9% about a day after I joined the credit union.

Your income is really good, I would definately try to get a better deal... Capital One may go lower for you. Have you done any work rebuilding your credit? Do you have everything cleaned up and reporting correctly? Being that you were discharged in 2009, I would think your scores would at least be in the 600's. The credit score may or may not be the reason you're getting slammed with a high rate.