you guys are scaring me.
I never had a problem getting a car loan.
I actually can get some repairs on mine right now and go on..it has 109,000 miles but it looks pretty good and the repairs may cost about $500.I need a couple new tires though.
The only thing is my daughter is coming home from college in 2 weeks and she needs something to drive. She drove it before she left and didn't have a place for a car at college so it stayed home with me.. I was driving her fathers car..well he wrecked it and bought another car and said he would repair it and give it to us to use..Now he says it might cost too much and he may junk it.
I filed bankruptcy 7 may 2007...since then I have no lates on my credit report but like I said I have a bankruptcy and all the like 5 derogatories from accounts it included and a small medical collection on my report.
But my utlization on my cards is high...I have 7 total..5 are high..2 are less than 10%..don't know if I can wait to buy a car so I can pay them down.I was told it may not hold me back from a loan but the negatives will.
I have had 6 car loans in my lifetime..always paid on time..the last one still shows on my report..4 1/2 years ..no lates..but changes in my credit history is going to affect me big time.
What do you guys think I am looking at as far as an interest rate? and what direction should I go in?

I can see why you're scared and it's valid. From what I understand you will have to wait until the BK is discharged, and seeing as you did it in 2007, you got some time for that. Before the crisis, no banks wanted to touch people with BKs. After the crisis, the ones who may have wanted to roll the dice with you, definitely won't. (I'm talking prime banks, not rinky-dinks subprimes that will MAYBE deal with you...)

If you do find a bad credit loan, expect to pay 20-24%, easy.

My suggestion, either fix the beater you got now, OR if it's not worth it to do so, spend the money on another beater (really cheap used car). Do you really want to get out of BK with high, ridiculous debt? It isn't worth it...trust me...you got better things to spend your money on anyway, like handling your high util. Plus too, at least you have access to another car!

Guuurrrrrlll, don't think I haven't thought about it. I do know people....

you guys are scaring me.
I never had a problem getting a car loan.
I actually can get some repairs on mine right now and go on..it has 109,000 miles but it looks pretty good and the repairs may cost about $500.I need a couple new tires though.
The only thing is my daughter is coming home from college in 2 weeks and she needs something to drive. She drove it before she left and didn't have a place for a car at college so it stayed home with me.. I was driving her fathers car..well he wrecked it and bought another car and said he would repair it and give it to us to use..Now he says it might cost too much and he may junk it.
I filed bankruptcy 7 may 2007...since then I have no lates on my credit report but like I said I have a bankruptcy and all the like 5 derogatories from accounts it included and a small medical collection on my report.
But my utlization on my cards is high...I have 7 total..5 are high..2 are less than 10%..don't know if I can wait to buy a car so I can pay them down.I was told it may not hold me back from a loan but the negatives will.
I have had 6 car loans in my lifetime..always paid on time..the last one still shows on my report..4 1/2 years ..no lates..but changes in my credit history is going to affect me big time.
What do you guys think I am looking at as far as an interest rate? and what direction should I go in?

Lolz!! I think a lot of us went through that scenario, I had the same thing happen to me when I purchased a 96 Neon. I was so upside down on my payments until I had to pay $5k to get into a 97 Mitsubishi galant. We are all basically upside down in the first few years anyway, but I clearly understand where you are coming from Buddie. Being offered a refi with only 5% is a miracle, but two faced with having to pay $6,500 for it. Only thing I can say is...........

[URL="http ://www.west-norfolk.gov.uk/images/burnt%20out%20vehicle.jpg"][img]http: //tbn0.google.com/images?q=tbn :MEuQp9_TKbxXgM: http ://www.west-norfolk.gov.uk/images/burnt%20out%20vehicle.jpg[/URL]




: laugh :: laugh :: laugh: JK

CG101, Great story about the car buying experience.

I went thru a similar exp with buying my 1st car on my own (when my credit was needless to say less than perfect). 21.9% interest rate (i feel your pain there).... Well, I couldnt stop messing up with things and something possessed me to stop paying my insurance coverage on the car, and needless to say I totaled the car running into the back of the car in front of me (NJ is a no-fault state so I didnt have to pay the damages of the other vehicle... thankfully for that). My car being totalled, I had 4 and 1/2 years left on the car and no wheels to drive around.... Well, the good thing about living up north, is you really dont need a ride (for most places, although I am sure a wedding is a different story lol) so I went over 2 years with no wheels either, it was horrible lol....

Fast forward over 4 years to today, I have bought another car (which my dad was gracious enough to co-sign on this one so I could actually get it). I am still making the 410 a month other non-existant car-payment, along with my 460 a month payment on my current car. And what takes the icing on the cake is my insurance is 485 a month for both cars (required on the motor vehicle contract), so I am basically paying a house every month and it really sucks..... I have 3 payments left to make on the other car, and I am truely tired of working multiple jobs to sustain the mistake thats been haunting me for almost 5 years.... MORAL OF THIS STORY, be smart and dont be dumb.... lol

I am not to sure why I posted this story here, but I think reading yours it kind've reminded me of when I was trying to buy a car and all the turn downs I got before I just went to the dealership and give it a try there....

Btw, you should try CapOne auto financing, I hear they are really good for re-fi's....

I can relate to you. I'm from North Jersey myself, so I feel your pain. So you are no doubt familiar with the spot financing, which I was subjected to on the second car. They wanted me to cosign myself, I told them no. I told them that their "Jedi-mind tricks" will not work me, since I already have possession of the car and that I will pay the agreed upon payments. I was desperate enough to pay since I make a decent living (After July, it will be 81k, but when I got the car was about maybe 10k less, maybe 11 but it helps that I work for state government [which I'm sure you have your own opinions about, but I assure you, I'm not a typical state government employee...I DO WORK[/quote]). It isn't even so much that I hate my car, as it is that I would never have had this car in my top ten, top twenty, or even top 30. The part of Jersey I live, I was able to survive on public transportation for 5 years, going on 6. After awhile though, enough is enough. I would never drive into the City, but really, how often do I go to Manhattan? I've always lived so close to it, I take it for granted....

In a way though, it's good (and bad) that we both were able to get into the deals we got when we did. If it had to happen today, it would be nearly impossible or at best difficult. Now, with the way our scores are after some good history, the dealer no longer has the power. I can have him/her litterally kiss my behind when the time comes. I'm not even joking...I am forever angry at the scumbag salespeople at the dealerships. To get not only the car I'll be proud driving, but at the price that I got AND at a loan that I can truly be comfortable paying because I have the scores and the quotes of what I want.

People like my car, but people who don't know me but know of my personality don't understand why I own that car, so they may or may not assume that this is my bad credit car. When they see the next ride, I can proudly say I own that car. That's what I want and it will take time, but it will happen.

As for Cap1, I will call them on Monday and see if they will deal with financing 100% of a upsidedown loan before I risk another inq. OR, I may save them for new car loan and just ride the year out hoping my case finishes by year end. Cap1, BOA, and a credit union (or 2) will be who I shop with when that happens. No more dealers or those websites that will shop 100 dealers at a time.

CG101, Great story about the car buying experience.

I went thru a similar exp with buying my 1st car on my own (when my credit was needless to say less than perfect). 21.9% interest rate (i feel your pain there).... Well, I couldnt stop messing up with things and something possessed me to stop paying my insurance coverage on the car, and needless to say I totaled the car running into the back of the car in front of me (NJ is a no-fault state so I didnt have to pay the damages of the other vehicle... thankfully for that). My car being totalled, I had 4 and 1/2 years left on the car and no wheels to drive around.... Well, the good thing about living up north, is you really dont need a ride (for most places, although I am sure a wedding is a different story lol) so I went over 2 years with no wheels either, it was horrible lol....

Fast forward over 4 years to today, I have bought another car (which my dad was gracious enough to co-sign on this one so I could actually get it). I am still making the 410 a month other non-existant car-payment, along with my 460 a month payment on my current car. And what takes the icing on the cake is my insurance is 485 a month for both cars (required on the motor vehicle contract), so I am basically paying a house every month and it really sucks..... I have 3 payments left to make on the other car, and I am truely tired of working multiple jobs to sustain the mistake thats been haunting me for almost 5 years.... MORAL OF THIS STORY, be smart and dont be dumb.... lol

I am not to sure why I posted this story here, but I think reading yours it kind've reminded me of when I was trying to buy a car and all the turn downs I got before I just went to the dealership and give it a try there....

Btw, you should try CapOne auto financing, I hear they are really good for re-fi's....

Well, it's time for "True Story" time. [yay[/color][/quote], but they will only take the case if one has a case that can win....). I won't hear anything about it until later in the year and in the meantime, I hate the fact that I have a car I hate. BUT I love the fact that I can drive. I was pretty much that guy from freecreditreport.com driving his POS around.

So what's the lesson today? If your credit is whack, try to build it up. Bad credit loans are horrible because as I can now tell you, while they do assist you in building up your score, and you will get some love because of it (as I did), it may be conditional love. I don't have $6500 (for that, anyway...not going to raid my retirement for it. I didn't do it for my house, I am certainly not doing it for a car). But I take heart in knowing that I can get a good auto loan after I get rid of this car. AND that I will most certainly have 20% to do so. Right now, I'm looking at the Toyota Venza. It is basically the same thing as a Lexus RX 350, but $10k cheaper because it doesn't have an L on the grille. Same engine, same body....just not an "L". The Lincoln MKS is also in the running. For both of those, I will have the necessary 20% down. Cars depreciate so quick, you need to protect yourself from getting totally underwater. A down payment will do that. But at the time, I didn't care...I just wanted the car.

If you are reading this and find yourself wanting to be in the same boat, heed my advice....please. WAIT. Only time will hook yo ish up. Other than aggressive credit repair and rebuilding, there are no more tricks that will get you to Caanan-land of credit. Just patience, and the practice of good credit skills.

Of course, Buick Enclave [URL]http ://www.buick.com/vehicles/2009/enclave/overview.do[/URL] Why do you think I got with them? For nothing? You know how us FG members get down! : laugh :: fun :: cheesing :

Those are really good looking cars, awesome, cant wait for you to get it! : cheesing:

Hmmmmm, you thinking about getting a new car Meya?

Of course, Buick Enclave [URL]http ://www.buick.com/vehicles/2009/enclave/overview.do[/URL] Why do you think I got with them? For nothing? You know how us FG members get down! : laugh :: fun :: cheesing:

That's how it's supposed to work....but it is a lie. quote]

Generally the dealer will pull a bureau and if you tell them specifically what bank to go through then that bank/finance company will pull a bureau. But you are right, I have seen peeps credit bureaus that show 5 or more inquiries on the same day for an auto loan. I will say though that for the FICO score they will not ding your score for auto loan or mortgage shopping. Like Meya said, they will count it as one inquiry even if 5 are reporting.

Best bet is to be a credit union member, apply beforehand with them and then take your check to the dealer. Limits your inquiries, and puts the ball in your court.

I is generally true if it's coded auto loan on the INQ. When I went through mine, I had about 15-20 inqs EACH on all three. There were tricks that I had picked up from the boards that got rid of a good chunk of them (TU, EX and EQ) but still, that's excessive. PLUS, I'm not interested in helping the sales guy get MORE money from me just because he got me financing. I would rather, as we agree, shop around with my bank and credit union for the best rate and then go to the dealer with check in hand, but not before I had gotten a quote with the features I want. I want to be able to finally be in control of the conversation and not deal with the games salespeople play. My third time with the dealer will be like that.

The car that I drive gets me to where I need to go and is generally reliable (I bought it new, so it'd better be). But it was not my top ten choice, and I will always hate that. But I will never hate that I can drive. LOL.

Wow, Provident CU has a plan with an auto loan at $25k, for 60 months, at $480 with scores of 680, at 5.99%. They have term from 12-84 months with up to 100% financing, and no payments for 90 days. Basically if someone wanted a car at]$431.10 [/U]mo payment ($14.37 on every $1k borrowed x 84 months)
$36,204

In my opinion $6,204 is not bad on financing, but I would pay it off early. What do you think?

Hmmmmm, you thinking about getting a new car Meya?

That's how it's supposed to work....but it is a lie. quote

Generally the dealer will pull a bureau and if you tell them specifically what bank to go through then that bank/finance company will pull a bureau. But you are right, I have seen peeps credit bureaus that show 5 or more inquiries on the same day for an auto loan. I will say though that for the FICO score they will not ding your score for auto loan or mortgage shopping. Like Meya said, they will count it as one inquiry even if 5 are reporting.

Best bet is to be a credit union member, apply beforehand with them and then take your check to the dealer. Limits your inquiries, and puts the ball in your court.

I am hating life that I took a 60 month loan (which is now 48...). Why on earth would I want to tack on 2 more years?! Yeah $6k isn't bad for the amount of interest, but man, I'm not trying to pay on a car more than 5 years (my next one will be 4...5 years is just too much).

Amen. I did a 72 month loan in 2004. I am at 59 months now and just paid it off in full yesterday. No more then 48 months from now on for me. Especially since I get bored with the car after about 3 years.....

Most people who have an auto loan, and haven't run the wheels off the car, will wait until they aren't upside down in the loan and then get rid of the car at that point. Usually at the halfway point of a 60 or 72 month loan. Again though if you haven't run the wheels off the car and its in good shape.

Wow, Provident CU has a plan with an auto loan at $25k, for 60 months, at $480 with scores of 680, at 5.99%. They have term from 12-84 months with up to 100% financing, and no payments for 90 days. Basically if someone wanted a car at]$431.10 [/U]mo payment ($14.37 on every $1k borrowed x 84 months)
$36,204

In my opinion $6,204 is not bad on financing, but I would pay it off early. What do you think?

I am hating life that I took a 60 month loan (which is now 48...). Why on earth would I want to tack on 2 more years?! Yeah $6k isn't bad for the amount of interest, but man, I'm not trying to pay on a car more than 5 years (my next one will be 4...5 years is just too much).