Does anyone know how hard it would be to get financing after bankruptcy if I put down 50% down and who the best lender would be to go through? Thanks (I have a vehicle worth $13,000 that I can buy for $10,000 plus I have $5,000 down.)
Originally posted 2009-11-13 07:08:43. Republished by Old Post Promoter
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Capitalone.com
let me ask you this…
is the car less than 3 years old?
have you applied for and received any form of credit since BK
Do you have a co-signer?
are you willing to pay more than 19% interest?
Was the BK more than about 4 years ago?
THe more NOs, the less your chances of securing a loan.
Have you googled subprime lenders? fill out credit app on line. but only do one or two.
New car dealers have subprime specialists where your 5 grand will count alot!
good luck!!
My personal opinion is to try and get a loan through your bank or credit union. Even though you have a bankruptcy the fact taht have 50% ….5000.00 to put down on the vehicle the bank would be making an investment with little risk. I say your bank or credit union because you could probably get a better interest rate than trying to finance through a subprime lender. However, if the bankruptcy isn’t discharged I don’t think you will be able to obtain any financing. Good luck.
Just buy a vehicle you can afford now.(for $5000.00)
You cannot afford a loan at this time.