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mrsP2b

what auto loan int rate should I expect to get?

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I was BK 7 discharged Aug 05. Zero debt since then. No cc since then, either. I was just put onto my mom's cc as a joint account 2 months ago. current ave score ~ 615

 

what kind of auto interest rate should I expect to get????

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On behalf of CreditBoards Admin, MarvBear would like to extend a sincere and warm welcome to the Automotive Forum. We have an Automotive FAQ (Frequently Asked Questions) section that should prove to be very helpful in your automotive knowledge quest.In the Reading and Resource Section of this forum, which is a read only forum, you can look up information regarding Sales Tax by State, Lemon Laws by State, along with a number of industry specific topics very relevant from the dealership's perspective.In the main section of this forum, there are two pinned topics both of which are read only topics. The first concerns Bank and Credit Union rates and tiers. You might find this useful in predicting an interest rate on your next vehicle purchase. The second is a general purpose credit application that you can use to get an idea if you might qualify for an automotive product loan based on an insider's perspective of the information you provide.You, as a consumer, have a unique advantage to "pick my brain"as I have been in the Automotive Industry since 1972. I will endeavor my utmost to give you up to the minute information and explain any insider workings you may question.Due to time constraints on my part, I may not always be available to answer your question right away. Don't be discouraged, this is a very busy board. If some extended time goes by without a reply, feel free to reply to your own post by typing the word *bump*. This will *bump* your post back up to the top of the forum where it is more easily seen.We make every effort to maintain a warm and friendly, and particularly non-judgmental attitude here on CreditBoards. If you find someone is discourteous to you, use the REPORT button located at the bottom of every post-that will ensure that either I or another moderator or Admin looks at the post and decides if it is against our TOS.Off-topic posts should go in the General Forum. And if you are a credit newbie, take a glance at our Newbies Section.Come get your new keys!HAPPY car.jpg MOTORINGCB Admin: LKH, Pam, radi8, breezeCB Mods: cotterpin, CargoJon, CramitCCCA's, fla-tan, MarvBear, psp, pryan67Forum Leads: TeeSharice, orangecrush and Four20Nik

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I seldom find myself in a position to predict an APR on a consumer automobile loan.

 

Hence my posting of the rate sheets in the two pinned topics.

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Mrs, let me tell you what I think from my experience. I'm no expert, though this place has made me so much smarter in buying ANYTHING on credit, and leery too, sometimes. I was BK'd 7 in Sep 05. I have monitored my CR's since then. Have you? You say you have zero credit right now. Contrary to what you might think, that is not a good thing. You must reestablish credit and show you have (in the eyes of creditors) learned your lesson by paying on time. I'm like you, thought no cc's is good until I learned from this place. I started with Orchard and two pre BK store CC's that were dormant and I started to charge just small amounts on them and paying them. Then, in October, started house hunting and got a mortgage at a great rate. Same time as closing, got a new credit union CC with $10,000 cl. That's scary, I know, but it sure is easy to keep your util down with that much if you are smart!

 

Last week, went looking for new car to replace my 4 year old IIB Toyota. Still looking, but got pre-approved through my CU for 6% for 60 months for $24000. BK hurts, but re-establishing credit is the only way you can improve your credit scores and prove to the world you are worth the risk. And my mortgage is still not reporting 3 months later, so it must just be on those cc's. Start slow and get your free annual CR from each if you haven't done that yet. Then, come back here and Marv seems to know his stuff about credit approval.

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