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Re: Carvana and chapter 7. Warning - you are going to need to owe less on the car than it is worth in order to refinance it. It is VERY easy to get buried/underwater on a high interest rate loan and when it occurs, you may need a few thousand in cash to actually get out of the high rate loan and refinance it.
Re: Carvana (post BK CH7) I would wait it out if possible. When your scores are in the higher 600's you should get an even lower rate. Obviously I don't know your personal situation. Late April (2016) I applied for an auto loan via Carvana. I was approved at 11.95% APR and decided to wait (discharged CH7 12/2015).
Carvana. So my wife and I are just getting out of bankruptcy (discharge 10/16) and we were planning on doing more rebuilding before applying for a car loan for my wife but her car died a few days ago. She was approved for a car loan through carvana for up to 16k with 300 down at 17.49% (sucks I know but we are in a bind now).
Re: Carvana question. I was repairing my credit and actually plan to refinance my truck I purchased thru Carmax last Nov, once my credit score updates. Carmax approved me, I had many collections, poor score (like 600), make slightly less money than you do, and have older credit age than you. You'll 100% be approved.
03-07-2020 09:42 PM. Re: Financing A Vehicle Post-Bankruptcy. I was approved with a $32k annual salary for a $19,000 brand new Corolla LE from Carmax, at 18.52% for 72 months. I put $500 down on the application and they responded stating I needed $400 more so it was $900 down got me behind the wheel.
Re: bankruptcy friendly Auto loans. In my research that is about the going rate as it's based more on your current FICO scores than on your BK. If your scores are over 600, it should fall between 9% and 16%. Lower than 600, will be 18-20%.
Reaffirm Bridgecrest Loan. I'm in the process of filing a CH7 and I've chosen to reaffirm my auto loan with Bridgecrest. I have a 2013 Kia Soul with 83K miles that I pay $286/month for; my APR is 18.4%. I have ~$9K left to pay and the value of the vehicle is ~$5K. I'm not sure how easy it would be to obtain a loan once I've discharged if I ...
Re: Getting an auto loan after bankruptcy. CapitalOne approved me for a $25,000 loan @ 18% 10 days from by discharge date. Need a car since I surrended my upside down note one in the BK. Yes the interest rate is high, but after 6 months I can refinance with my credit union after proof of good payment history.
Re: Auto loan during chapter 7. Hi Randil, 1. You may be able to get a new car before your 341 meeting if you need to. You should ask your lawyer. But as others above have warned, the trustee sometimes will ask at the 341 if you have taken on any new debts since filing the Chapter 7 paperwork. So definitely be careful.
Re: Bankruptcy Friendly Auto Loans Guide. Carvana is BK Friendly will approve after 341 meeting. I got a 7.58% rate before discharge, $0 down. Yes i had a car turned in (repo) IIB. Actually i had 3 repo's in total prior to my bk. Message 28 of 77.