Well, I went in and talked to a loan officer today, and asked her some basic questions just to see If I could even qualify for a $7500 motorcycle loan, since I just got a new job, and the news wasnt good. She said due to my recent Chapter 7, I will have to have 12-18 months of good, re-established credit history after the filing and only then will they consider giving me a loan. She also said they would prefer an Equifax score of 600 or better, and my current Equifax is 482--ouch. (though my Trans Union is 554 and FICO is 530) So I went ahead and took out a $500 Shared Secured Loan there at the credit union to get the balling rolling on re-establishing my credit, and went ahead and activated my new Orchard Bank Mastercard today as well to start using that to try and help me out as well. I told her I had $2500 to put down, and that didnt seem to sway her one bit. Oh well, in the meantime ill be saving $$$$ to put more down, but are there any other lenders that might consider me that I should try and contact? Ford Motor Credit? Drive? Thanks.....
Secured loans are easier to obtain post BK than revolving credit. You will probably find a dealer who has a finance company that will work w/you, but be careful out there - they can be pretty shaky. Ideally, you find a dealer who has a legit lender. By putting >20% down, you should be able to get legit financing.
thanks for the info. The job I got was a part-time job, but the mgr said it isnt hard to get 40hrs a week if you want them, so i think ill get a few fulltime paychecks direct deposited in first before going back and approaching the loan officer regarding a loan. I may just try for a car/truck loan. When you speak of finding a dealership that does their own financing--how do I go about finding one? Thanks.......
