car loan questions and concerns

[bknobueno]

Hello,
I know your all going to tell me to browse the forum you idiot! But I had a quick questions. I just recently been discharged ch.13 at of the end of august and I wanted to know how long I should wait to get a car. I need one bad and I only checked my equifax score because the other sites kept having problems when I tried to check them. My equifax is 640. Also I have between $5000-10000 to put down. Is it going to be really hard to get approved. I just don't want to waste my time if I'm just going to get shot down. My brother in law filed back in 2003 and he told me he still can't get his credit up and his recent loan for a car is outrageous and that was almost 9 years ago he was discharged.

Thanks in advance!

[IamOld]

I think with that much down you'll have no issues - and/or maybe even buy something used outright.

(Or the new Fiat for $15K!!! sorry - saw one on the road this am... :-)

[HHM]

In general, with that much cash on hand, consider buying outright.

In reality, you WONT have trouble getting financed, but it is not going to be a great deal, it won't be lousy either, but it wont be prime rates, possible high single digit interest or low double digit.

After all, you just emerged from a chapter 13 bankruptcy, made all your payments, presumably have steady income, you are car lenders dream.

But be practical with the purchase, set a payment you can afford with leeway, and do not exceed that payment. Also, try not to finance out beyond 48 months.

[bknobueno]

Thanks guys, and I've been also considering buying a car out right and not financing. If I were to finance are there any reputable places any of you can recommend. Or is a big car dealership my best bet? Sorry I am on my own with most of this and this website has already answered lots of questions.

[HHM]

If your bankruptcy attorney firm was large enough, they may have contacts for you. I don't see anything wrong with going to a Franchise dealership, but it is really hard to know if you are getting the "best" deal (you may be getting a good deal, but maybe not the best) on financing.

[bknobueno]

Yeah my lawyer is a real doucher so that might be out of the question. Can't get whole of the guy ever and when and if I get a call back its from his mother. Believe it or not, its pretty ridiculous. Is a co signer a possibility?

[angelasdad]

I was approved with Capital One, 1 week after discharge, credit score of 600ish, with a 7% used car loan. It was easier to do than when I had 700 credit score sitting at a dealer. Try Cap1.....