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Car loan question?*

I know I should wait to apply for a car loan and rebuild credit after bankruptcy but my wife needs a vehicle her engine just completely blew(we have savings but not enough to cover the cost of labor and a new motor). I have a new job that I am making triple what I was making 3months ago problem is I have only been there for 45 days, after 60 I am in the union and get an even better raise.(it is the same line of work) I used to make 25000/yr. now I will be making close to 57000 a year. Bankruptcy was discharged in June. With the bankruptcy and the new job would I even get an auto loan even a small one, like 5-9k? She just needs something because we have 2 kiddos and one on the way. My car is a 2 seater work car cause it is good on gas(plus its stick and she cant drive stick). Sorry for the book, but realistically are my odds. My credit scores are 621,616,590, with the bankruptcy reporting on all of them.

Answers:

1) You can still get a loan, but watch it! You are in Need, so the loan scumbags will be more than willing to screw you! I would first go to my credit union and/or bank and work out something with them that is legit

2) Bankruptcy is not the terrible end people think that it is. I was a bankruptcy paralegal for several years and I worked with thousands of consumers filing bankruptcy. And I saw quite a few of them walk out of bankruptcy court and go buy a brand new vehicle. Many creditors will extend credit to people recently discharged from bankruptcy. First of all, they know you can't file bankruptcy again for at least six years. Secondly, your bankruptcy eliminated all of your debt so the bank giving you credit knows you have limited if any credit. Without knowing your specific circumstances and what your credit history is, I would say it depends. Did your bankruptcy include a car loan? Have you ever had a vehicle repossessed? If your credit card debt got out of hand or you had huge medical bills that led to your bankruptcy but you always paid your mortgage and car notes, that will certainly help your chances. If I were you, I'd be prepared to put down at least 20-30% on the vehicle. If you can do that and you aren't looking to buy something too expensive, you should be able to do it. If one says no, don't give up. I would suggest going to some of the biggest dealerships - they typically have more pull with the finance company they use and can get deals otherwise declined to be approved because they send yours in with four people who have excellent credit for example. And of course, you can always explain your situation and get an opinion from the finance manager (NOT your salesman, ask to speak to the finance manager) as to approval likelihood. Good luck.

3) Try getting an online auto loan quote. http://www.autoadviceonline.com/Free-Auto-Loan-Quote.html The automated form will give you results based on your credit and financial situation. It will only take a few minutes.

4) I have no idea what is wrong with all these other people. Apparently they cannot sympathize and have never been a position that most other average americans are in. Lets just hope they have the same experience someday so they can change their tune. A website I've recommended in the past would be... http://www.safelinked.info/go.php?link=auto All the best to you.

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