I need a car loan, any advice?

The dealer.

 

Do you have any auto history - that's what they look for first.

You can get a car from the dealer - but they'll try to stick you with the interest rate. If it's been two years since you've had any derogs then you should be ok.

If you have money to put down (Or say, a trade in that has more value then what you owe) then that will help as well.

You'll get a car with $$$ down, no matter how bad the score...


GT

 

Do you have a relative that belongs to a credit union? You can join if you do. That would be the best rate usually.

If not go to the dealer. Don't let them run your credit until you have worked out a deal you like on the right car. (keep your inquiries to a minimum).
If the rep says "I can't help you without your bureau being pulled" say "thanks, can I talk to your mgr" Tell him your credit history and scores. If they seem uninterested in helping without pulling your history go to another dealer. A good dealer will be glad to work with someone that makes this request.

Also, you can always ask to talk to the finance mgr. instead of a sales rep for credit issues.

 

My husband, who filed bk in 1993, got the best treatment from GMAC. His first credit success was about 1.5 years post-bankruptcy when they financed him.

From what I understand, GMAC will finance just about anyone at the best rate they have available. Like if you have decent money down and they have 5.9% available, they will give it to you--the local dealerships' finance managers have a say in what rate you "get," so to speak. Ford, on the other hand, goes with the tier that FMC replies with; the individual dealership doesn't really have a say so I've heard.

And if you decide to do GMAC, just research what their best rates are right now, like on Carpoint.

In our experience, at least, GMAC seemed the most post-bankruptcy friendly The credit union we use is just now willing to give him a loan, so I can't say we've had luck with them (our CU seems to be very, very conservative).

Good luck; I bet you'll do better than you expect. Just don't let them back you down and do your research.

 

Here's a tip I forgot about.

If a dealer is offering rebates (GM is currently offering $2002 cash back) - then go with that. Here's what you do: When you go work the numbers, usually the dealer will take the rebate off the costs. Instead, have the dealer report it as down payment.

For ex: Using a $2002 rebate as a downpayment on a $20,000 car = 10% down payment.

If you can put your own money down as well (Say around $1000) then you'll look even better.

*** Note - don't give the dealer your SSN, if you do - make sure you don't sign any papers. If the salesperson pulls your report (Which he'll do), then you'll end up with the upper-hand. Ask for a mgr. and tell him that you'll disregard this activity if he pulls some strings for you. ***


Hope this helps...


GT

 

I would try peoplefirst.com. After all of my bad experiences with going to the dealership, I will use this co. until I die. Do a search for peoplefirst.com on this board. As long as you have had good car loan accounts, I don't think there will be a problem. Look at their website and give them a call to make sure. My husband's scores were in the mid-to-low 500s.

 

Sounds like a good lender, Milkmom.

http://www.peoplefirst.com/pff/default_2.cfm?d=1

What were the rates with a low 500 score?
Most dealers would be 20%+ interest with a good down needed to qualify. (depending on what kind of derogs.)

otto

 

Take your credit report with you and DISCUSS your credit with the FINANCE MANAGER and be ready to do what ever it takes to get a good rate...you might be able to have a "VERY LARGE DOWN"...20-30%+ to get a rate under 10%...

50% DOWN can get a rate under 6%? even with rotten credit?

 

Star,

I may be totally off base on this, but if you voluntarily dismissed a bk and didn't go through with it, how can this be worse (like you said from the dealer) than getting it discharged?

I'm not a finance mgr. for a car dealership, of course, but to me it just sounds like for whatever reason you decided not to go through with it.

Maybe I am reading too much into it, but it seems like credit-wise they'd rather see you drop it and keep "plugging away" and not follow through with the bankruptcy.

Of course, it may just be the whole punitive notion of "ding 'em because they ALMOST had a complete bankruptcy." But that doesn't seem right, somehow.

 

Star--

I just reread you post...you tried for the Blazer last summer when you had just recently dismissed your bk...I bet it was still showing "filed," not discharged or dismissed yet, even though you had already dismissed it. Which would make sense that the sale rep wouldn't touch it; it may have looked like you were in the midst of a bk and trying toget more credit. Just a thought. If it shows "dismissed" now, it may not be as much of a factor as you fear, since it never came to fruition.

Just thinking out loud...hope this helps!

 

Can you get a letter from the court saying "CONSUMER DID NOT HAVE A COMPLETED BK...IT WAS CANCELED" ???

 

Wow. Did the court give yo a document saying it was dismissed, that you could send to the CRAs? I don't know ifyou've tried that angle. Or disputing as "Ido not have an active or open Ch 13 bk."

Just an idea and I wish you the best. And I agree--let sleeping dogs lie so far as the mortgage. I had something similar--I got divorced about 11 years ago and my ex-husband got our house forecloseda. It never showed up on anything except EQ; not even a mention of the loan on the others. I did get a statement added that "foreclosure is responisibility of divorced spouse" and it never really caused problems that I know of. Why it didn't report of TU or EXP I will never know but I didn't complain!!!

 

Well, we got a rate of 12% and there was no down payment at all. Just walked into the dealership with a check.

 

Forgot to add that Household had us at 24% when we just walked into a dealership and ended up with them.

 

This sounds like a great lender! Does anyone else have experience with peoplefirst? 12% is lower than most credit unions would give to someone in the 600 score range.

milkmom- Do you know what book they use? Kelley, NADA? Do they finance hi (retail ) book? Or low book?

 

I would still try the credit union - I have a past bankruptcy and they gave me a GREAT rate (6.5 percent).

I have rebuilt my credit since my BK 6 years ago by opening new secured card accounts (all paid on time never late). Still, since I can't get a regular credit card yet, I thought this was a good deal.