I just wanted to give some advice and hope for car buying after bankruptcy. I filed bankruptcy and was discharged 7-4-2013 from Chapter 7. Prior bankruptcy I was 807 credit score but a house forced me to file and get rid of bad debt due to economy and housing market.
I went yesterday and was approved through Alley Financial at 13.8% interest rate on 72 months (4 months out of BK). The car was listed at $19,900 and was $17,300 out the door (gap insurance included) after hours of negotiations. Before anyone attacks me for interest I have cash to pay the car already and am financing for 6 months to further raise my credit score.
My credit score was a 588 and again I am 4 months out of BK discharge and was approved at 13.8% interest rate for 72 months. I plan to pay off quickly and just help my credit score to be prepared in 2 years for another home purchase.
My financials were again 588 credit score and I make about 90k year. I wanted to post this to give others hope since I have spent hours of research on this site after filing chapter 7 and maybe give others hope. I also want everyone to know if I didn't have the cash to pay off I wouldn't have purchased but I did this to help my credit and prepare for a house payment down the road.
Hope my thread bring some hope and knowledge as I received from others! Good Luck
Oh btw I also bought my car for less then trade in value and hooded out for the perfect deal!
2008 Ford Edge Limited for the wife was the car FYI
I went yesterday and was approved through Alley Financial at 13.8% interest rate on 72 months (4 months out of BK). The car was listed at $19,900 and was $17,300 out the door (gap insurance included) after hours of negotiations. Before anyone attacks me for interest I have cash to pay the car already and am financing for 6 months to further raise my credit score.
My credit score was a 588 and again I am 4 months out of BK discharge and was approved at 13.8% interest rate for 72 months. I plan to pay off quickly and just help my credit score to be prepared in 2 years for another home purchase.
My financials were again 588 credit score and I make about 90k year. I wanted to post this to give others hope since I have spent hours of research on this site after filing chapter 7 and maybe give others hope. I also want everyone to know if I didn't have the cash to pay off I wouldn't have purchased but I did this to help my credit and prepare for a house payment down the road.
Hope my thread bring some hope and knowledge as I received from others! Good Luck
Oh btw I also bought my car for less then trade in value and hooded out for the perfect deal!
2008 Ford Edge Limited for the wife was the car FYI