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Posted in Auto Loans
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Question By
buildanew

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What is my interest rate likely to be?
just done with bankruptcy due to house foreclosure, everything charged off. my score is a 575 currently, and I'm hoping for a loan around $20,000 for a car. Also wonder if I should try to get loan before I go to pick out car?

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With the bankruptcy just being charged off, you may find financing difficult for about two years from the date of discharge.   To avoid the excessive hits to your credit from the auto dealership, it is always advisable where possible to secure financing from a private source.  While the dealership would have access to some very good financing terms, if you don't quality, they market to others in attempts to secure the financing.   My guess is that you may see 9-14 interest; although I am not in the auto finance industry so its only a guess.

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