i realize there will be a higher interest rate but who will take the chance. has anybody had a similar experience?
2006-06-21 18:13:14 · 2 answers · asked by blasted 3 in Business & Finance ➔ Personal Finance
If you haven't had any more bad credit on your record since the bankruptcy a year ago, you probably won't have too much trouble getting a loan, actually. You will pay a higher rate, to be sure, but you can't file bankruptcy again for quite a while so you're a pretty good credit risk, actually!
A good friend filed bankruptcy about 18 months ago due to high medical bills (nearly 7 figures) and recently bought a new car. She's paying 8.5% with 15% down but had no problem getting the loan approved through the auto maker's financial wing.
A local credit union would be a good place to start, as another poster recommended. You won't get their prime rate but you won't be raped either! Just move all of your banking business with them and start rebuilding your credit!
2006-06-21 19:51:53 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
join a LOCAL credit union. their representatives will help you out greatly. to be honest, i have pretty good credit, but i'm at about 3.75% for my used-car loan through my local credit union - the whole key is that you have to be a member (aka have an account) to get that good rate.
good luck.
2006-06-21 18:19:01 · answer #2 · answered by the_biggest_bear 2 · 0⤊ 0⤋