can anyone help....

is there a place to apply for a car loan?
my problem is that
i filed foreclosure closed in may (2004) and filed bancruptcy over 1 year now...

also what rate would they give me?

really need help right now....thanks

 

Sounds to me like buying a new car should be at the bottom of your list. If you have paid off your creditors and can afford a tC, go for it. But please pay off your debts before incurring new debt.

If you can get credit, it will be very high (assuming this is a legit post and all).

Kevin

PS. Edit your profile and insert YOUR LOCATION....

 

You'd be lucky to borrow a bus token!

 

Belive it or not it is eazyer to get a house then a car.

How do I know? My brother is a Realestate agent.

Sorry i dont have any info for you but good luck.

I would try some small loan office.....it might be eazyer to get a loan from them then

TFS. Some smaller loan offices try harder then the big ones because they need every customer that walks in. The bigger ones and like your own bank might not try as hard and just tell you "you dont qualify for anything"

BTW how long did you have the house for?? and was your name the only one on the title? PM if you dont want to share all of this

 

Ummmm, feed your family first.

 

it's easier to get a house cos they always know where you live. :D

 

I'm leaving out all of the comments like a##$### for the people making stupid cracks on here to this guy. He's asking for info on car loans not your personal opinions/judgement on his life issues.. People file bankruptcy for all sorts of reasons, #1 being medical bills from unexpected illnesses, death, or accidents.. other than that, he's kind of doing the right thing looking at a new car as it's going to be hard getting a loan from a bank on a used car, or maybe something that will end up costing a lot in repairs (or maybe to you guys, that's a wise financial decision??) It's not like he's buying a Ferrari, it's a very inexpensive/reliable new car. Anyways, to answer your questions, if it's been a year since discharge and not filing, you might be okay, you'll get a better rate if you wait 2 years though, FYI... if you have any credit it will help (i.e. credit cards, or other loans in your name).. if not, try to get a cosigner... if you get a cosigner, Toyota and a lot of other companies will give u the best interest rate based on the credit of the highest credit score on the loan... i.e. if your score is under 620 but your brother's is 750, then they will give you a very low rate based on your brother's score even though u are the primary person on the loan. If u can't get a cosigner, your interest rate is likely to be above 10 percent... and if it's really bad, it could be as high as 20 percent (in which case it's not worth it). Surprisingly enough, a lot of lenders will also look at people who have been through a bankruptcy as favorable due to the fact that they don't have a lot of debt and therefore can afford payments on a car, unlike someone who has say.. $20k in credit cards, a house payment, etc. and only makes $28,000 a year.
On another note, try to ignore some of the comments above, I really enjoy this forum and apparently people didn't read the rules before joining it and also apparently Scion is really selling cars to their target market.. the young.

 

As long as you have credit history since your filing to show that you're making payments on time you should be able to get a loan. Try a credit union because they are more forgiving for things like that. I'm an Assistant Manager/Loan Officer at a credit union in Mass. I make decisions on loans with people in your situation almost everyday. If you don't have any credit history since filing, get some for at least 6 months before applying for any loans. Everytime your credit report is pulled it costs you points. PM me if you have any other questions.

 

Maybe the people who posted before should re-read the topic!

Some of you are young....like me and still have not bought a house or had to forclose

BTW it maybe also that the lender pulled a fast one on him and thats why he had to forclose......its really eazy to pull this off when your a 1st time buyer

Its not like when you buy a car. I know some lenders doing this: They tell you your payments but dont add on HOA witch can be 500 more a month sometimes what they do is they also put property tax so you pay every 6months.....then like that BANG you owe 5-7 grand. This does happen alot guys this is nothing new. I'm not a lender or a realestate agent(brother is) but I do work in the same market.

 

i do have a credit history
-i have 2 mortgages that are being paid on time
-i have credit cards that are also being paid on time



its the not bankruptcy im worried about........its the foreclosure on my first home, which only ended in may this year(2 months ago)....am i still able to be qualified for a car loan? if yes....then would it be high?

 

Its all dependent on you FICO score, Look it up on the net- Thats what TFS will go buy, or any other bank. I had a friend that had a bancrupcy do to medical bills (cancer), Anyways, she bought a car like 4 months after filing and got a 17% APR, WITH a co-signer. Another friend got 29.9%= I would expect the worst. As they say- no credit is better than bad credit...

 

I'm going to go and try to talk to a friend of mine that works at toyota tomarrow to see about the TC that im getting.She has and still sometimes does the financing part of the deal. I'll ask her if she has ever had this encounter with her past customers.......I'll send you out a pm or post it here

BTW : I myself have only had about a year, and 6months of credit and she told me as long as I had made the payment on time there should be no problem me being able to get the car without a CO-signer(right now I have a co-signer on the corolla)