Question about Post Bankruptcy auto loan

Edwards Finance > Loans

Q. I'm considering purchasing new vehicle... I got ch. 7 discharge letter last week... I'd like to know what to expect before/during the visit to the dealership? Know any Post-Bankruptcy auto loan-friendly? I recall seeing this Newsgroup that Ford is one of them, any other? Do you know the average auto loan rate?

A. Almost any car dealer today has resources to help people straight out of bankruptcy. From what I've read on other boards, however, it appears that Toyota will practically throw you off the lot if you've had a recent BK. I can't help you with rates etc. but for an example a dealership was working to get me in a 2001 Geo Prizm, 32000 miles for a payment under $300 a month. We didn't even bother with them again because they pulled my husband's credit report without his permission, a big no-no. And it was too recent--I need something a bit older and cheaper at the present time. Do you really want a new car? Your payments will probably be quite high as you certainly will not get the special rates shown in the ads. And it will drop in value by hundreds just after you drive it off the lot. Do consider a good recent model used vehicle, perhaps one that just came off a 2 year lease. They are excellent buys. As to financing, I've heard that with a BK mostlenders will only do a $7500 minimum with mileage lower then about 50000, FYI. Things get tricky if you have a repo on your credit report. Have you pulled copies of your reports? If not, please do so and get your FICO score. You have to know how you are going to lookin a dealer's estimation. Although it's pretty early for your BKs to appear and be reflected in your score.

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