I just wanted to post my 2 car buying experiences since I had the confidence and determination to apply for auto loans based on the feedback and threads from this forum.
I bought a 2008 Ford Edge Limited for my wife 4 months out of BK and was approved from Capitol One (blank check program) at a 18.9% interest rate. Since I have purchased cars in the past I used that to my advantage when buying my wifes car and was able to get a 12.9% interest rate for 72 months. I also put 0 down and no trade in for my wifes car.
The new car I purchased on 3/15/2014 (8 months out of my BK) was a 2011 Jeep Cherokee Limited that I financed $16,400 (car is worth over 30K i put 14k down) and was able to get a 9.5% interest rate for 60 months.
My credit score was 615/603 when I just bought my Jeep last week but I will tell you they originally came back with a 12.79% rate that I refused (I have done this many times). I just wanted to give some hope to others in similar situations.
One last note I only bought the Jeep to keep a revolving credit with a big dollar value to prepare myself for my home pourchase that I plan to do within 2 years of filing BK. Some say it is impossible but I have been known to make things happen. Also I paid off my wifes car last month and only financed for about 6 months so I don't have 2 car paymets. What I d have is around 50K in car value and a low $340 payments per month and only 16K in debt. Am I doing it right, time will tell but I can tell you I continue to raise my credit score and pay exerything ontime and in FULL. Hope this helps!!!
I bought a 2008 Ford Edge Limited for my wife 4 months out of BK and was approved from Capitol One (blank check program) at a 18.9% interest rate. Since I have purchased cars in the past I used that to my advantage when buying my wifes car and was able to get a 12.9% interest rate for 72 months. I also put 0 down and no trade in for my wifes car.
The new car I purchased on 3/15/2014 (8 months out of my BK) was a 2011 Jeep Cherokee Limited that I financed $16,400 (car is worth over 30K i put 14k down) and was able to get a 9.5% interest rate for 60 months.
My credit score was 615/603 when I just bought my Jeep last week but I will tell you they originally came back with a 12.79% rate that I refused (I have done this many times). I just wanted to give some hope to others in similar situations.
One last note I only bought the Jeep to keep a revolving credit with a big dollar value to prepare myself for my home pourchase that I plan to do within 2 years of filing BK. Some say it is impossible but I have been known to make things happen. Also I paid off my wifes car last month and only financed for about 6 months so I don't have 2 car paymets. What I d have is around 50K in car value and a low $340 payments per month and only 16K in debt. Am I doing it right, time will tell but I can tell you I continue to raise my credit score and pay exerything ontime and in FULL. Hope this helps!!!
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