If you go through chapter 7 bankruptcy and need to buy a car, if someone co-signs a loan can you get a decent.
loan?
If you have gone through chapter 7 bankruptcy and you need to buy a new car, can you get a loan if someone co-signs the loan with you?
If this car is under $10k and is bought on a loan with no more than 10% down…your co-signer is take risk on it though…after filing Ch-7, basically, they can’t do any but denied your apps…but your "someone" is taking full responsibilities of your payments. If you are late even one payment, it will go on his/her credit score…
July 9th, 2010 at 10:49 pmyes the reason you need a co signer is because who ever is giving the loan knows your a loser and that the person signing will pay up if you don`t.You signature really means nothing.Basically the co signer is buying what ever
July 9th, 2010 at 10:49 pmNot until 3 years after discharge
July 9th, 2010 at 10:49 pmit really depends on how good is your co-signer’s credit. he would be the primary borrower. if he has good credit, he can get an interest rate in the single digits. by yourself, coming out of a CH.7, you would be in the high teens or in the twenties.
July 9th, 2010 at 10:49 pmI wouldn;t co sign for you, you have already proven that you don’t pay your debts, why would I risk my money on your trackrecord.
July 9th, 2010 at 10:49 pmyes if that person’s credit is A1 you could get a decent rate, i hope he knows what he is doing, because if you default on the loan he has to pay the piper.
July 9th, 2010 at 10:49 pmInformation on Chapter 7 Bankrupt
Chapter 7 bankruptcy is the commonest denotation of bankruptcy. It stands for waiving or canceling of debts that you have incurred. As an individual, you can select between Chapter 13 or Chapter 7 bankruptcy. Selecting between the two is not easy. The bankruptcy court will study your circumstances before deciding which type of bankruptcy is applicable to you.
July 9th, 2010 at 10:49 pm