How hard is it getting a car loan after Ch. 7?

[ChrissyF]

I haven't filed yet, but I will be in early January, just waiting until after the holidays. Right now I have a leased vehicle that I will continue paying since I have an infant and toddler and need my car & don't have money to put down or buy on another car at this time. Once my lease is over in October 2010, how hard will it be to get a car? I will be saving as much as I can until Oct. for a vehicle and I don't necessarily need a new one, but want something dependable since I have young children. I would love to buy something cash of course, but with my mortgage and other expenses that I will still have (gas, electric, food, diapers, formula, etc) I don't think I will be able to buy that good of a car with the money that I will have. Would like to put money down on a used vehicle or left over.

Am I going to be able to get a loan?

[berrymom35]

We were discharged on November 5th and we just purchased a car at a major dealership last week. We got a 2009 with a few miles on it and got a five year loan at 16% interest with no money down. The interest rate is not ideal, of course, but it is very possible to get a loan right after discharge. We had no problem at all.

[ChrissyF]

Thanks so much for your response! The interest is high, which I expected but as long as I can HOPEFULLY get a loan, I know everyone is different, but it gives me some hope.

[coolmom04]

We were discharged on November 5th and we just purchased a car at a major dealership last week. We got a 2009 with a few miles on it and got a five year loan at 16% interest with no money down. The interest rate is not ideal, of course, but it is very possible to get a loan right after discharge. We had no problem at all.

Wow! That's great to know. We were just discussing cars tonight and wondering if we should just wait the BK out or go ahead and try to get a new one now before we file.

Did you have a down payment or trade in?

[LimpDisc]

Wait until you actually file your case with the court. We filed on Monday and 2 days later the mailbox has offers for BK people to get car loans. 3 offers on the second day. Their vultures!!!

[ready2live]

What about letting your car go and purchasing a new one now, before you file? That is what we did and lowered our payment and got out of being upside down. We bought the car the day before filing, per advice of our lawyer.

[aces67]

We were discharged in July and bought a good used 08 car in October of this year. Chase financed us at 12.75%.

[RBisDebtFree]

Discharged Nov-12, got a loan for a 1-year old car on Nov-17. Everything is possible just make sure to rebuild your credit history carefully and in no way agree to any terms you are not comfortable with, that's what sinked me.