Post BK Dealer Financing Questions

[freedomnow7]

1. Is there an auto credit score, not FICO, but a score that is specifically geared towards auto financing that dealers use. If so, how can I find out what mine is.

2. Is it true that you should first apply through the dealer as they can tweak your application to get you a better deal? Initially, I thought it was best to try to find your own financing beforehand and then see if the dealer can beat it, but a dealer recently told me that it's best to go through them first, as if I apply to, let's say, Capital One, and get declined, there's nothing that they can do with that particular lender.

3. Is it true that most post BK auto financing requires you to purchase from the dealer, and you cannot go private party?

Since I don't have a car, I am waiting until next month to purchase a nice used car. No one has run my credit nor have I applied for any financing. I'm just educating myself on the process, and giving my discharged BK time to report to the credit bureaus, before moving forward.

[freedomnow7]

Okay, I found the answer to question #1 above, here: http://www.bkforum.com/showthread.ph...-the-financing

[dumpinmydebt]

1. Is there an auto credit score, not FICO, but a score that is specifically geared towards auto financing that dealers use. If so, how can I find out what mine is.

Yes, but not sure how you can find that out.

2. Is it true that you should first apply through the dealer as they can tweak your application to get you a better deal? Initially, I thought it was best to try to find your own financing beforehand and then see if the dealer can beat it, but a dealer recently told me that it's best to go through them first, as if I apply to, let's say, Capital One, and get declined, there's nothing that they can do with that particular lender.

Yes, I would go through a dealer vs. private party. Now, I would try to get financed before walking into the dealership that way you know what you can be approved for. You have a 2 week window to apply for as many car loans as you want and it will only count as one hit. Credit bureaus know you need to price shop. Might as well apply for a bunch so you can see what your options are.

3. Is it true that most post BK auto financing requires you to purchase from the dealer, and you cannot go private party?

Never heard of this. But what I will tell you is that when I got my car loan a few years ago (I had pretty bad credit then) they told me what type of car I was required to buy. What I mean by that is that it had to be newer and it had to have low miles.

[freedomnow7]

Thanks DID. That was very useful and helpful info.