Financing a vehicle?

[Keithh1632]

Is there a any finance company that will lend money for a vehicles while you are still in a chapter 13. I have had 2 turn down notices. I am scared to go to a buy here pay here operation because all there vehicles seem to be over priced and over 100,00 miles on each. I already have 2 vehicles like that with high repairs needed to keep running. Trying to trade them for one good reliable vehicle. No matter what dealership you go to it seems to be the same response. Unable to get financing. And we both work full time jobs. UGH!!

[Keithh1632]

I have court approval also but it does not seem to make a difference

[Keithh1632]

Again court approval means absolutley nothing if you cant get financing. I received 3 more rejection notices in the mail today. The lawyer and trustee got their money for the motion to incur debt from the payment each month they receive and I am still without a car.

[papie]

I filled out an application on roadloans.com, which is through Santander bank. It's a massive bank with really high interest rates and crappy customer service. They will put regulations on what kind of car you can purchase. For me, I had to have a minimum down payment of $1500, a car with under 60k miles, and finance at least $8k, but no more than $16k. Or for a $5k downpayment, we were offered to purchase a vehicle up to $25k. (Which I wouldn't do, because that's a massive payment at a really crappy interest rate.)

I didn't end up going with Roadloans...but it was still to my advantage to file an application with them. What they did do was give me a list of dealerships that I could use. I used that list to figure out what dealerships would accept my credit. I picked a few of those dealerships, searched for cars at a few, and they were more than happy to work with me. They weren't buy here/ pay here dealerships either. They were actual Chevrolet, Nissan, Honda dealerships, etc. I ended up going with Carmax. They ran my credit at a few other places and got me a better rate. I ended up getting a Honda Civic with low miles.

I had the same issue was you to begin with, some of those places are totally shady trying to sell a car with 150k miles for $13k and stuff, it's insane.

You are going to need a decent down payment though. Money talks. I had applied with Roadloans earlier in our bankruptcy because I thought we were going to need a car, and there were far fewer choices of dealerships and requirements were a bit more harsh.

[milehigh]

Not sure if you are still looking- I purchased a 2011 vehicle last month and my broker used Avid Acceptance based out of UT. My loan is at 16.9%- not wonderful but decent for my situation. The good news? They report to all 3 bureau's to help start rebuilding credit (we want to refi our home this fall- already have trustee approval for that). Do a search for Avid, they are good peeps.

[Redsox]

We are looking at a similar situation, and have looked at Carmax and Credit unions. My CU was a joke, they declined us. They told me that once I get out of BK to come talk to them. Yeah right, I got one finger for them to talk to. Carmax was little more amenable to our situation. They told us the work with people in open chapter 13, but every situation is different. Our credit scores are about 650 on MYFICO. We are still waiting for Trustee approval before we go to CARMAX.
Hopefully our rate won't be over 15% because that is just plain wrong.

[goblin73]

We are approved through a company called Prestige Financial and waiting for court approval. You can go to their website at gopfs.com. They have a program that allows you to drop your interest rate for every 3 payments you make on time. Their rates actually depend on the car choose. If you go with a Honda, Toyota, Nissan or Volkswagen your rate it lower. Good luck.