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Posted in Auto Loans
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Yunior4GT

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Can I get approved for an Auto Loan after 5 months of BK discharge?
Hello,

It's been 5 months since I received my Ch. 7 BK discharge and my credit score right now is at 612 per Credit Karma.

I am planning on getting a new car from Ford which is going for $39,420.

I will be making a down payment of $7,000 which will bring the price down to $35,156 with tax, tag, title, and fees included.

So $35,156 is what I will need the loan to be.

I currently make a little over 40k a year gross.

I have been with my job for almost 3 years now.

I do not have any debts at all. No credit cards, etc.

I only have my utility bills and a rent of $600.00 a month(I split a rent of 1,200 with my brother)

So based on this info I have provided and with the $7,000 down payment do I have a good chance of getting approved for the loan?

Do I have a chance of getting a low interest rate like 5.9% or 7.0% or even lower?

Let me know if anybody has some experience with this.

Thanks

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Top Contributor
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Consider first purchasing a vehicle that is one to two years old.  The "new car smell" is not worth the thousands of extra dollars you pay for it.  This slightly older vehicle will serve you very well for 8-10 years or more.  Mine was purchased 9 years ago and was a year old at the time.  I paid $17K for a vehicle that new, would have cost at least $32K and it's still running great!!!  I was not a Credit Karma member then but the finance office at the dealership discovered I didn't have the credit to finance the vehicle, anyway.  I paid cash from the sale of my house. 

If you've checked the financial tools on this site you may have (or soon will) discover what you likelihood of financing a vehicle might be.  I can virtually guarantee that, if you are able to get it financed (unlikely) your interest rate is going to be obscenely high.

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