Getting Financed for New Car Before Filing....

[UpsideDownMI]

Has anyone been able to obtain financing for a new or newer used vehicle before filing bankruptcy? If so, who did you go through for financing and what were terms like? I am debating whether to purchase a newer car as my car currently has 160,000 miles on it and am not sure how much longer it will last beyond the next year or two. FYI, my credit was pretty good (680) but I have not made any credit card payments since December. My wife and I feel that it would be impossible to get approved now. Hopefully someone has some advice on this. Thanks.

[OhioFiler]

Has anyone been able to obtain financing for a new or newer used vehicle before filing bankruptcy? If so, who did you go through for financing and what were terms like? I am debating whether to purchase a newer car as my car currently has 160,000 miles on it and am not sure how much longer it will last beyond the next year or two. FYI, my credit was pretty good (680) but I have not made any credit card payments since December. My wife and I feel that it would be impossible to get approved now. Hopefully someone has some advice on this. Thanks.

We just did it. No problem getting a loan. We put $6,000 down as we sold a couple other vehicles ourselves for the downpayment.

[dogbone33]

Try! I wish we would've gotten a new car before we filed. We didn't know we were going to be so we didn't end up getting a new truck...

[DebtStinks]

Wife and I just got a Kia Sorento to replace our 96 ford with 140k miles. We plan to file in June. We paid $15,900 with $1,500 down @ 7.25%. I think our payments are right around $299 for 66 months.

I'm glad we didnt' wait...

[gettingby2008]

We bought a 2008 used minivan with 5K miles on it from Carmax for 18K. We did Capital One Auto financing online and was approved for 30K at 5.88% for 60 months.

[cyn5]

Just try it. We had a lease up in Dec and bought a new Honda civic with a 5% interest rate for 60 mos. No issues at all.

[spearmint]

We bought a 2008 used minivan with 5K miles on it from Carmax for 18K. We did Capital One Auto financing online and was approved for 30K at 5.88% for 60 months.

Did you have a bad credit score at the time?

[UhOh]

I want to buy a car now before filing later this month but was unable to find financing. My unsecured debt is overwhelming and nobody will offer me a new loan for a car.

[laurannm]

We were able to obtain financing for a vehicle about 2-3 months before filing. Interest was horrible (10.25%), but we were approved for a $15k loan.

[gettingby2008]

Spearmint - We had stopped paying our cards but were not reported late yet scores were in the high 600 low 700's. However our income to debt ratio was extremely high. We also has 2 other cars at the time on our credit reports one purchase and the other a lease that once we purchased the mini-van we did a voluntary turn in on our leased vehicle so that we were covered for the full 5 years of our 13 plan.

[jribe]

double post sorry

[jribe]

Has anyone been able to obtain financing for a new or newer used vehicle before filing bankruptcy? If so, who did you go through for financing and what were terms like? I am debating whether to purchase a newer car as my car currently has 160,000 miles on it and am not sure how much longer it will last beyond the next year or two. FYI, my credit was pretty good (680) but I have not made any credit card payments since December. My wife and I feel that it would be impossible to get approved now. Hopefully someone has some advice on this. Thanks.

Hi,
I haven't filed yet; and got 3.9% financing for Honda in January. We bought a 2006 Honda that was certified- so it qualified for the "new" car financing. It seems like they usually have some good financing offers at Honda. We did price check at a bunch of local honda dealers though. We paid about 15k for a fully loaded accord EX model with leather, and 38k miles; and another dealer wanted 18k for a 2006 LX with nothing special on it and 60k miles. So you just have to check around.
Good luck

[cupcake]

I tried to get auto financing last month (stopped paying CCs last July) and I was turned down by everyone, even with a decent down payment. My income to debt ratio was also extremely high and I have one existing auto loan.

[spearmint]

I am about to try to get financing for a different vehicle before I file Ch13 and I HOPE I get it as I need a new vehicle badly. I do not have any credit card debt but my credit score is only about 560-580.

[phigment]

FWIW- I just bought a used truck for 8K this weekend from a used lot with a minimal downpayment and got a 14% rate on a 48 month loan but what else could I do? I believe my FICO is about 630 currently. I need the truck to replace a lease going back next month and I stopped paying CCs last month so my credit is going to get smoked soon I imagine. I plan to file CH7 in June so I wanted to get the truck before my credit was worse and well before filing.