How to obtain financing before BK on car with bad credit

[basketsbears]

Hi!

I am checking out auto financing just to see what we could do and so far with car.com and capitalone.com we are probably denied as we haven't rec'd an answer. So, what is the best way to go about this if we wanted to get a different car? I think the debt management is really hurting us.

Thanks!

Lynn

[jetsfan2010]

Lynn,
I also had to obtain financing for a car prior to my BK filing( I was actually in between converting a 13 to a 7), and after being denied traditional routes, I had to end up going through one of the "buy here, pay here" lots. It wasnt my first or second choice, but a quality pre-owned vehicle which has given me no problems and a payment I can afford for the time being is what I needed. I plan on either a.paying the car off within a year and keeping it forever or b. attempting to refinance it to a lower rate though due to the age of it I doubt I will be able to.

[HHM]

For a lot of people with bad credit pre BK, it will actually be easier and you will probably get a better deal after BK, not before.

[momofthree]

When you're contemplating filing ch.13, it's actually better to finance one before. HUGE pain to try to get the trustee's approval to incur debt PLUS find a lender willing to finance you when you're in the middle of a bk. Plus, if you buy before, you can lower your interest rate down to the til rate in a ch.13.

That said, I'm not sure who'd finance you. Maybe post in the ch.13 forum.