QuestionLast I checked, my credit score was between 610 and 620. I've filed bankruptcy back in 2005 right before the laws changed.
I just started a new job for 3 months. Previous job was for 1 year.
I make really good money now. I make over $2500 a month before taxes. No debt in my name that I know of anymore. Haven't applied for a credit card yet.
What are my chances of getting an auto loan by myself?
AnswerYes you can! ....Anywhere but the state of Minnesota! JUST KIDDING!
Here is where you are at:
There is now a bank for everybody! There are even lots who carry their own paper (called BHPH stores for Buy Here Pay Here) I sense you may you may have been looking for more than a "yes or no" answer so let's take this a little bit further.
NEW CAR OR USED?
The 'captive' finance arms of the major automakers will probably like you on a cheaper new car so that your payment was under 11-15% of your gross monthly income (provided your total debt to income as reported by you i.e. rent and reported by the bureaus i.e. everything else was under 40%)etc. New cars work for these banks (Ford Motor Credit, Honda Financial etc) because they are primarily concerned with equity in the new car which usually comes as a by product of a big rebate. Your credit is easily good enough to get a loan from these guys provided your income can support it AND....
YOUR job time is woefully short and on it's own is going to scare most of the A-F banks (real banks and not finance companies) unless you have a prior job with 1-2 years of employment and additional stability as demonstrated by a good residential history. If you were unemployed for over 2 months between jobs then you are going to drop (at least out here) into the neverland of 21-29.95% interest.
Gotta hop I will finish this in an hour or two
AND WE ARE BACK ....
HOW MUCH IMPACT DOES MY 2005 BK HAVE ON MY ABILITY TO OBTAIN AUTO FINANCING?
Not as much as you think to almost very little at all ...what does matter alot is what you have done since your BK. A BK in 05 is not a big thing to 90% of the banks or credit unions who actively do indirect auto lending (i.e. thru a dealer) WHAT MOST OF THEM DO CARE ABOUT is whether or not you have had any derogatory credit since you filed ... Good credit followed by a BK and then nothing bad since = a good credit risk. Bad credit followed by a BK followed by more bad credit = a chronic BAD credit risk = 29.99% interest for a very long time (in the NW
BUT WHAT ABOUT MY CREDIT UNION?
Good question..lol without any additional information I will assume that you didn't take your credit union down in your BK. As I mentioned above the BK in 05 is not a big thing to 90% of the banks or credit union who actively do indirect auto lending (i.e. thru a dealer) WHAT MOST OF THEM DO CARE ABOUT is whether or not you have had any derogatory credit since you filed ... Good credit followed by a BK and then nothing bad since = a good credit risk. Bad credit followed by a BK followed by more bad credit = a chronic BAD credit rik = 29.99% interest for a very long time (in the PNW). With good job time on previous job and good residence time and no post BK derog your credit union will be OK with a 620 beacon score. MY ADVICE: TRY THE CU FIRST yourself before you shop for car and if they turn you down ask them what they saw that turned them off and then ask them if it is something that more $ down would help or not? It is the wise car shopper who pays less interest than anyone else who has a good relationship with his credit union ...they even will do mortgages too ...so do whatever it takes to make them like you and give you a chance to borrow money from then then protect that relationship like grim death!!
My email address is roadloans@gmail.com if you have any followup questions and you need to know that I am here to answer all of your questions until you are completely satisfied with the answer and when you are sent a survey by allexperts you will be able to give the service I have performed here perfect 10's... if you aren't able to do that then keep asking additional questions until you can please.... Happy New Year
Roger
