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Posted in Auto Loans
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Question By
Alwaysbarefoot

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Can I get financed with 45k down on a 53k truck with a 590 credit score and a bankruptcy
My wife has a 710 credit score but her debt to ratio is high. So I am assuming I can't use her

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I think you should be looking at a less expensive vehicle, and use some of that money to get out of debt. Any time you're paying interest is wasted money. 

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Consider using the down payment money to buy a truck that is two-three years old instead of trying for a brand new one which, with a bankruptcy on your credit report, you wouldn't be able to finance.  Work on keeping your bills paid in full so that you never again have to file bankruptcy.

Reply by
Alwaysbarefoot

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My bankruptcy was discharged 5 years ago. I have zero debt. My wife's debt to ratio is high only due to her income. We have zero debt other than our house. Only reason I filed chp 13 years ago was to save our old house which went upside down after the bubble. Prior to that my credit was 720. I am not looking for investment advise or pre-judgements, im looking for honest answers. Don't assume I have issues with debt.  So still hoping someone can answer the questions I have

2 Contributions
0 People Helped

My bankruptcy was discharged 5 years ago. I have zero debt. My wife's debt to ratio is high only due to her income. We have zero debt other than our house. Only reason I filed chp 13 years ago was to save our old house which went upside down after the bubble. Prior to that my credit was 720. I am not looking for investment advise or pre-judgements, im looking for honest answers. Don't assume I have issues with debt.  So still hoping someone can answer the questions I have

Top Contributor
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300 People Helped

Your  previous 720 credit score is on the lower end of a good score. Depending on the mileage and age of the vehicle being financed for $8000, with a 590 credit score, I would estimate at about 18% interest rate. I would advise going to the bank you frequent and have accounts with, to discuss the matter before filling out a loan application; which will result in a hard pull on your credit score. 

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I am sure that there are a ton of lenders out there that will lend you eight grand when you are using a fifty thousand dollar truck for collateral. Call around to some banks or credit unions or worst case call a consumer finance company, but your bankruptcy is old enough that many lenders will look past it.

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