How long do you have to wait to buy a car after chapter 7
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- Опубліковано 12 вер 2024
- In this video, I give you real life examples of what happens if you apply for a car loan immediately after bankruptcy, 1 year after bankruptcy, and 2 years after bankruptcy.
We will also talk about how to get approved for a car loan after chapter 7 bankruptcy. This also applies to chapter 13 bankruptcy.
How long do you have to wait to buy a car after chapter 7?
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If you need a car immediately after chapter 7 just look for a cheaper car and put down 20%. 10% down is recommended but %20% will guarantee approval. Then refinance after 6 months to a year
We got a 9.3% 4 months after chapter 7. For a 35k auto loan. We didn’t go with it, too high for us. Our credit score is also in the high 600 .... I think it varies🤷🏻♀️
I haven't had my trustee meeting until next week and a Toyota dealership is giving me an offer for the 2nd time so far
What did you end up doing?
2 weeks after the end my bankruptcy and i go 13%
What u mean ?
Okay I’m new ...Thank you. You have helped this veteran single mom options and exhale. I’m listening.
Excellent distinction you make between have a car (want) vs need a car. I am unfortunately in that need category and am not in an area where I can just you public transportation. Baby steps.
I appreciate the info but you kind of sound discouraging in regards to getting a new car after filing chapter 7. Most times a person has to surrender their car under Chapter 7 (there are exceptions in some cases). So yeah depending on what city they live & other circumstances they may need a car. I think you could’ve offered better more pros on where people can buy a new car in those cases & other alternatives.
I came to this channel because of the pretty lady on your front page.😂Ps appreciate your advice 👍🏼
Recent BK7 filled. Trusteedidn't affirm auto loan. I was never late 24 months into auto loan B4 filling.. Bk atty wanted extra $600 to file affirm but not represent me in court. I declined. Next thing I know my loan got transferred to loan servicer whom I make the same payment to for next year. No my payments not reported but I have a vehicle. Worries are over. Great info thanks
My car on my bankruptcy was totaled, and I'm not at fault. It's been nearly impossible for me to buy a car outright like I wanted 😭
That beat in the beginning of this video is SICK 💕💕
Its Be Humble by Kendrick Lamar
Your hair is 🔥
Kendrick Lamar
Be Humble
You just want him.
🤣
Damn i was planning on surrendering my car and filing bankruptcy to get a better car. Im obviously not doing it now if my monthly payments are going to be double 🙄
the money you'd be saving from having all the debts gone you could also tough it out for a few months and just buy a cheap honda thatll last you another 10 years some how for $1500.
*you should do more videos man, seems like you know your stuff*
Side bar- You look like you could be related to Justin Timberlake lol. Thanks for the info
I just applied for a $15,000 auto loan and I denied. Was discharged may 2019. Rebuilding my credit since being discharged. Rep said it was due to bankruptcy. Never had a car loan before. However the same bank gave me credit cards.
wow!
what bank?
@@rayyfendiyes what bank?
I’m sure if you go to your local credit union right after you will get under 10% interest rate
Nope. 2 of my local credit unions do not give you a loan if you have bankruptcy on your credit.
You’re awesome! New Subscriber Alert 🥳
What about a used car? I'm not trying to buy anything that damn expensive. It's dumb to buy a brand new car.
Same concept. It doesn't matter how much you spend on a used or new car, it's the interest rate when you apply after bankruptcy.
I've filed chapter 7 a while ago kinda lost track how many months has past afterwards I'm almost on the edge of getting a vehicle since the vehicles I buy outright are long projects but not in a hurry since I know which lots do buy here pay here so it's more manageable
So I been building my credit after bankruptcy seen 12/1/19 , my score is now 700 I have couple more month to apply for a mortgage that was my plan . But my car is old and have problems. Idk if I should apply for a auto loan :( I can afford it but I really wanted to wait until I got my house set
Do not buy a large purchase before a mortgage.
You seem to be basing this entire video on only one data point: the experience of only one of your friends. Is that true?
I can finance you the day you file your chapter 7 bankruptcy with the court. You’ll be able to work with 0 to 500 down and start building your new credit. The banks that specialize in helping clients finance a vehicle after bankruptcy encourages you to do it right away.
Somewhat of a good video some variables, like your comparing a $25k car to a 12k car , obviously the $25k car is new and would have a better interest rate than a used car... But the sum of the video is to wait and build credit to lower your rate.
I like this guy ☺️
The interest at 13% should have been half of the 25%
We had our chapter 7 filed in oct 2019 and we left our auto loan out of the BK. However we did not reaffirm it and now doesn’t report to the credit agencies- is there a way we can get that to report ? And is it technically needed for when it’s time to buy a home in 2022 ? Does that reporting credit look good. We do have a secured loan and credit card also !
Great video
Is this after bankruptcy falls of your report or is it after bankruptcy has been filed.
Well after it falls of your report it won't even be visible, so it's after discharge
clarky885 that’s a respectful way to put that comment. I like that.
This is good information! I filled chapter 7 in February 2019 and I’m needing to get a car, seeing that the 1995 Buick Roadmaster, AKA V8 gas hog land barge I’m currently driving is costing a lot of money in gas, as well as needing some expensive repairs.
I was thinking, since I need to get a car, I could finance it to build my credit back up a bit, and was wondering what I should be looking at as far as realistic financing options?
I’m looking at cars about $6,000 or less. Is this a good idea, or do you have any other suggestions? Where should I go to get a loan? How much could I realistically expect to be able to borrow?
What did you end up doing?
What if i use a cosigner with perfect credit? Will i get low APR on car loan?
I agree with everything your saying but everyone's credit gonna br diff after bankruptcy. All goes on credit score for interest rate.
If I'm currently in a Chapter 13 and I want to relinquish my secured debt, is a Chapter 7 better or to just have a dismissed Chapter 13?
convert chapter 13 to a chapter 7 then its considered 1 filing
The wait is not 10 years for chapter 7 its 8. Great vid though
Great video Austin. I am trying to hold off on new car as long as possible. I don't want so much debt right now. I deleted my BK and watched my score climb fast!!!
How did you delete it
@@ghostboy2133 there is no way I can explain in a comment .... it is not easy and there is a method to doing it correctly and not freezing this and that and lying about your old addresses. I offer this service and established over 10 years and you can email fixtoday2020@yahoo
Bs
I’ve heard you can delete bankruptcy.. what are the steps
@@christinaharris737 write to the CRAs. there is no law stating that BK has to be on your report.
Great ifo.
Of i file this year how long after can I get a credit card or start to build my credit?
Does bankruptcy show harsh reviews on your credit?
Start with secured credit card. Then pull your credit to see your score before you go blindly and start applying for credit cards that you will default on again.
Bankruptcy is harsh in your credit. Lenders are weary of you until you start rebuilding like with secured credit.
@@myytchannel6632
Was just asking because my father in law filed bankruptcy 3 years later his score is at a 720
There's up to 7 years
Hmmm he Can't even spell the word "immediately" which is on the board behind him. Some good points but work on your spelling so people can trust what your saying and that your knowledgeable.
I’m human
@@austinharley4073 my apologies for the bluntness
@@Jeremy_Zack_Lucas no you’re fine. I need to pay closer attention.
Perhaps you should focus on your own writing/grammar before criticizing others.
The last 2 instances of "your"should be "you're." Just saying.
@@equaltemp7075 it's called Google autocorrect which isn't always correct..... Lol you have too much time to comment on my error especially for something that was posted nearly a year ago!
Dude can’t even spell, please take this information for what it is.