How easy is it to get car loan after bankruptcy?

[mayfire]

I am currently making payments to my lawyer to get my bankruptcy started. I am considering putting my car on the bankruptcy since I still owe $11,000 on it. This way I can completely start over. If I do this, how soon will a bank approve me to get a car financed? Will I have difficulty?

[Cmonlottery]

My wife and I are currently converting a 13 to a 7. We will be losing her car when we convert so we are talking to a local dealership about getting a car. We have told them the whole situation and he said I can get you financed w/ no money down. I will let you know if it works out.

[bull]

We filed in early March and have out 341 on May 11. We have been getting offers almost daily to buy a car. Some with crap rates and some not so bad. Guess we will have to see once we have out meeting and actually try to take up on the offers.

We are in the same boat. 3 vehicles, very much upside-down with high miles and needing work. We are giving them both back...we shall see.

[HRx]

I am currently making payments to my lawyer to get my bankruptcy started. I am considering putting my car on the bankruptcy since I still owe $11,000 on it. This way I can completely start over. If I do this, how soon will a bank approve me to get a car financed? Will I have difficulty?

If your payment history on the car you're speaking of is good, and the interest rate isnt subprime, you may wish to keep the vehicle, doing so will also your credit to revolve.

Getting approved for another vehicle within the first one to two years after BK is very difficult thing to accomplish for 95% of people. For starters, you interest-rate can literally be at loan shark rates (20%-25%) and your selection of vehicles wont be plentiful, and you'll also need mininum 20% down payment! As you can see lenders will slaughter you on the finance terms because of your Repo! In actuality, a lot of folks that attempt and succeed at buying a car within the first year or two after BK, wind up doing a voluntary repo on their car, because the finance terms are to strenuous on thier finances!!

Just some food for thought!

[chicago57]

Car Loans

:o :o I totally agree. Try to keep your car. It's very difficult without getting robbed~! By the car dealer sharks~ The finance dept is 100 times worse than the salesman!!! I'm just waiting for dismissal papers and refuse to cave on high interest. My car is on it's last leg.. and I'm at the point where I am going to have to give in. Even with a big down payment -- you get killed on interest. Keep it if you can!!

[tinroofrusted]

Unless you have about $4000.00 in a savings account, most, if not all car companies won't touch you.

I know personally!

[RichS2192]

I filed in May and got a brand new car as a smart buy from gmac in august @ 6.4%

[vic6string]

We filed BK7 July 2003. Discharged 11-03. Bought a new Sentra Jan 2004 (at 15.45% !!!!) Of course this was with no down payment and upside down on our trade in. Just bought a $30,000 Town and Country Dec 2004 and got 5% finance (with $4000 down and $1500 for the trade in).

[HRx]

We filed BK7 July 2003. Discharged 11-03. Bought a new Sentra Jan 2004 (at 15.45% !!!!) Of course this was with no down payment and upside down on our trade in. Just bought a $30,000 Town and Country Dec 2004 and got 5% finance (with $4000 down and $1500 for the trade in).

Make sure your spending habits dont cause yourselves to be drowning in debt again!

[yorkiemom_2]

I know someone who filed in 1998 and in 2001 got 1.9% on a honda civic thru honda finance.

[concerned]

I know someone who filed in 1998 and in 2001 got 1.9% on a honda civic thru honda finance.

That's very encouraging! I currently have a nissan with $60,000 miles on it. I'm hoping to try in 2-3 years to get a new car. My car now is paid for so I want to enjoy not having a payment. I would love to get a Honda though--I guess it might work out well.

[marko56]

Got a loan but at 13% over three years with no money down.

[bkadv]

Auto loans seem fairly easy to get after discharge, however I've heard that bk will raise insurance rates. Anyone have any experience with that issue?

[suprdav2]

I've heard that bk will raise insurance rates. Anyone have any experience with that issue?

Our insurance hasn't gone up. In fact, it just went down at renewal time. I'd say that if you stick with the same company that you currently use, you should be safe. If you switch to a new company, then yeah, you'll probably get raped.