Can anybody recommend a bank or credit union that I should start building a relationship with? I'm planning on financing a car around sep/october. Not sure how much it matters but I'm sure that a checking account with the same financial institution with positive deposit history will play a good factor. Credit is between 580-600 with chapter 7 2 years ago.
Auto financing on new car
byu/OvenAccomplished97 inpersonalfinance
Posted by OvenAccomplished97
9 Comments
Kinda a localized thing?
Check your your local area to see who has membership that you’re eligible for.
With a low credit score and recent bankruptcy that will be a spicy interest rate no matter what. I would consider saving and trying to buy a cheap car cash instead of financing with that kind of credit.
Relationships don’t matter. Especially a whopping four months of history when you have years of poor credit history and a bankruptcy to go along with it.
You need to save your money and pay cash for a car. You won’t get approved for anything even close to a reasonable rate.
That’s not how it works. *Relationships with creditors* aren’t really a thing that matters anymore.
Look up George Bailey, Bailey Brothers Building and Loan.
If in the US, try DCU, they have best rates , My WAG just got 4.99% apr on a Certified car, between opening a checking and getting he check to the dealer it took like 5 business days. Open their checking ac, put your full salary in it as direct deposit (very imp) , and then when time comes apply and see what you get approved for.
As others have said, your credit score and chapter 7 may hurt you, but credit union are more lenient wrt to loans as compared to commercial banks etc.
Also, with chapter7, I would not apply for a loan for a Mustang , F150 etc. Get a reasonably priced preowned certified family car. Getting a loan for a Mustang with a Chapter 7 may well nigh be impossible.
Bankruptcy two years ago and you are trying to take on another large debt? Honestly not advisable. Try saving up to buy the best used car you can afford with cash. Or, if you absolutely need to finance it, try contacting your local credit union to check what options you may qualify for ASAP so you can be well prepared by the time you need the vehicle.
Avoid an auto loan if you can; save and pay cash, 580-600 plus a Chapter 7 means high interest and direct deposit at a CU wont fix it
There’s no such thing as building a relationship with a bank. They’re not your friend and they’re not here to do anyone any favors. I highly recommend NOT getting a loan in your current situation. You have 5 months to save up $2-3k so you can buy a beater car in October.