Dischged from bk may 2007.husband has been owner operator 6mts makes 4500.mth. can't get auto loan. fico 621

Question

have tried with everyone imaginable, capital one, citifinancial, wells fargo, auto one acceptance. All these companies boast they can help finance after bk but their just lying. E-loan and roadloan. drive.com all don't operate in LA. any one out there is a finance manager please give advice. I have a down payment (6000) but don't know where to go.

Answer 1

621 is a poor score and you are not getting approved because of your risk level. http://www.badcreditfixup.com/credit-sco...

You need to try and rebuild your credit. It will take some time but your score will go up. Here are tips on how to do it.

Answer 2

I am not a finance manager but I've been doing a lot of research on this subject as I filed a Chapter 7 last summer and will be looking for a car loan soon.  I have heard that Capital One Auto will loan to someone that had a BK and also that in many cases, the dealer can help you directly as they have a wide variety of loan companies to choose from for all credit score ranges.  

Answer 3

Auto finance is what I do for a living and the problem your going to run into is your husband being self employed.

Special Finance lenders require either paycheck stubs showing taxes taken out or 2 years of Federal tax return to prove income and with him only being a owner operator for 6-months he is not going to be able to provide those documents.

The only lender I can think of is Drive Financial they will take bank statements for proof of income and I don't think they have the 2 year rule.

Answer 4

First of all that's way to may applications which is equivalent to too many credit enquiries. Your husband's credit report must have a long list of enquiries....that's no good.

If he can save up $6000 and his obviously his monthly income isn't too shabby he'll just have to buy cash.