Can I buy a new car with a bankruptcy and a foreclosure on my credit report?
Question:
Answer:
Yes you can.
Look for a dealer who advertises Special Finance, they can help you. You will pay high interest and have to make a down payment but it can be done.
This is what I do for a living.
There may be someone out there that is willing to give you a line of credit but you are going to pay a HUGE amount in interest. Your best bet would be to pay cash for one that someone is selling (the owner not the car dealerships) and try to repair your credit before you go for a loan. I know we get into money issues and sometimes its not our fault and you need transportation to get to work. But you do not want to pay 3x what the car is worth. Fix the credit and go from there, it really is your best option. Good luck!
Yes, many car dealers will advertise; good credit, bad credit and no credit deals. The main thing, you may pay a higher interest rate. If, the Bankruptcy was Chapter 13 and you paid the Trustee on time then it may have rebuilt your credit.
Probably not. I worked for a car leasing outfit and I did the credit checks on people and if there was a bankruptcy, or foreclosure it went straight to my cylindrical file basket (garbage). Our finance sources wouldn't even look at it, Ford Motor Credit, GMAC etc.
Unless lenders are taking greater risks I can't see you qualifying. Sorry.
yes, i know someone who filed chapter 7, had 2 repos and a foreclosure and 2 years after they filed bought a car for 10,000 dollars. the interest rate isn't that bad either- like 8.? percent. with no money down. make sure you make all of your payments on time from time of bankruptcy on. go to a large dealer who has a lot of lenders they work with. they will do all of the work finding a lender for you. other factors come in play also like your income and how long you have been at job.
Yes it can be done. My sister had a bankruptcy and bad credit and Ford gave her a loan.
With a BIG ENOUGH DOWN PAYMENT You can ! ! !
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