Buying a car with a 3 years old Bankruptcy

[gabemiami]

Hey There. I need to get some advice if anyone can help. I have a 3 years old bankruptcy but also have a 750 credit score. I have been working on my credit and have done pretty good. I kept my current car loan active and have been paying it properly every month. Based on that I have been wanting to get a new car, but do not know what my options are now that I have the bankruptcy. Given that I have a high credit score and an income of 60K dollars per year, can I get a car loan with a decent interest rate? or will the bankruptcy outweight the positive items? Please let me know if you have experience in the auto loans arena. Thanks.

[Ray paulsen]

I find your post interesting and would appreciate to know how you managed to reach a score of 750 with a bankruptcy, whom issued these facts ? has the bankruptcy been discharged ?

As for you making 60K a year don't come into play, I have had consumers show over 150K and did not qualify for any type of loan. Don't missunderstand me here I wan't to be on your side of the fence but, the word bankruptcy has a nasty effect for quite a few years, but then again sometime lenders bend, it's an area where I would suggest you shop a loan amount before you commit to purchase and if the rates are high buy for cash or finance an inexpensive vehicle till such time your credit is in good standing.

Here is a link that will explain how dealers deal with blemished credit and put some buyers into wheels they never though possible http://www.usedcartips.org/CREDI.html

[gabemiami]

When they approved the bankruptcy 3 years ago I kept my auto loan and have been paying it on time ever since. Also, I opened to secured credit cards and was added to my brother's credit cards so all of this has helped me to boost my credit score this high. I dont know if this is relevant, but the reason I went to bankruptcy was for some real state that I was unable to pay. I never had problems paying my auto loan.

[Ray paulsen]

Your real estate dealings are not relevant,,, bankrupcty is end of the line for many for years to come,,, but I will say this, you are an exception that with time will come out clean and clear with the present road you are on, allow me to explain.

A secured credit card shows up on your credit history as a regular card " an excellent kick start on your part that others can learn from, lenders will look upon this favorably,,, you are blessed with having wheels, a luxury that become a problem for most others having to drive a beat up Hyundai making payments that would cover a BMW

You never did answer my Q's,,, Whom has issued a 750 score, or I should say making you think you got a legitimate score that high and is there a discharge date set ?

[kevinande]

Originally Posted by gabemiami

Hey There. I need to get some advice if anyone can help. I have a 3 years old bankruptcy but also have a 750 credit score. I have been working on my credit and have done pretty good. I kept my current car loan active and have been paying it properly every month. Based on that I have been wanting to get a new car, but do not know what my options are now that I have the bankruptcy. Given that I have a high credit score and an income of 60K dollars per year, can I get a car loan with a decent interest rate? or will the bankruptcy outweight the positive items? Please let me know if you have experience in the auto loans arena. Thanks.

I have known people in the same situation. It can be an obstacle, but cash is king. Walk in to any dealership with a decent down payment and you credit becomes "irrelevant" in a manner of speaking. Case in point I negotiated (for almost 6 hours I might add) for a friend who had 5k down and a credit score of 580. They wanted to charge her 22.9% for a vehicle she was interested in. We negotiated that down to 11.9. We could do that because she will have a vested interest in the vehicle. Once a dealer has decided to work with you, your good. That's the hardest part, for credit challenged people. Just don't accept the first thing they offer. They are in business to make money obviously, but that does not mean you have to get raped on the deal. It is either going cost you money up front or over the long term in the form of some ridiculous interest rate. Walk in with some money they want to sell you a car.