Can I even get a car loan?

[Idjut]

Thanks so much everyone! I am happy report we are the new owners of a late model Toyota Camry still under warranty, and we got a good interest rate of 3.9%! The payment is a little higher than what we were planning ($392), but with our DMI, we were looking to pay back $1,000/month to unsecured. Now we have it down to $600, and I am going to talk to my attorney to get his advice on trading our truck in for something newer to hopefully knock a few hundred more off what we will pay to unsecured, but if not, I just have peace of mind that we have a vehicle that will survive 5 years. I admit, I did feel kinda shady, but like my attorney said, it's a business decision...take the emotion out of it, so that's what I will do.

[keepsmiling]

Excellent news!

[ccmisery]

Thanks so much everyone! I am happy report we are the new owners of a late model Toyota Camry still under warranty, and we got a good interest rate of 3.9%! The payment is a little higher than what we were planning ($392), but with our DMI, we were looking to pay back $1,000/month to unsecured. Now we have it down to $600, and I am going to talk to my attorney to get his advice on trading our truck in for something newer to hopefully knock a few hundred more off what we will pay to unsecured, but if not, I just have peace of mind that we have a vehicle that will survive 5 years. I admit, I did feel kinda shady, but like my attorney said, it's a business decision...take the emotion out of it, so that's what I will do.

Not a bad APR for a used car, typically used car rates are higher than new. I got 9.99% with Ford Credit on a 530 FICO, not great but not what I was reading prior 18 to 25%, the dealer tried Capital One, Ally and a few others who all rejected me due to my credit. I ended up getting a new car, replaced my 15 year old previous car that may have not lasted the duration of my pending bankruptcy.

[Idjut]

Luckily, our credit scores are still in the 700 range due to not being late on anything. However, the methods we've been using to accomplish this (robbing Peter to pay Paul) had to stop. We've stopped paying credit cards as of this week, so I'm sure we can kiss those scores bye-bye...as if it will matter when we file anyways. But, it did allow us to get the good APR on this used car. I was afraid our high DTI ratio would be a problem, but our income is high enough, that it didn't seem to matter, plus we've both been at our jobs a long time.

[Mayo]

The interest rate might be high on the car loan, but it will be probably be included in the BK and the interest rate will be cut down to a normal rate when your plan is confirmed.