Ok bare with me for a moment.

Income and Score

I've got a 500 score.(as of yesterday)
im 25 and only take home 1200-1300 a month (this month maybe 2000 with the overtime i get everyday so far)
no bills except 200 a month rent and food.
3-4 months at job with good potential.

Credit history
Lost a house through foreclosure.
Lost 2 cars, one financed (05 Subaru STi, one leased (07 saab turbo). Both repoed
basically stopped paying bills after 10 year business fell through the ground. SO Credit cards, car loans, house payments, etc..etc..
Have money to file bankrupcy if that would help in getting the loan, which i planned on filing anyway.
as of right now I have no open accounts or closed accounts that i am paying for any type of loan.
**It should be noted my Credit was perfect before that, no missed payments or anything for many years

estimated debt: house sold for 150k less then what i paid for it plus 20-30k in credit card debt, maybe 10k i owe on the STi from when they sold it.
so figure 200k in debt.

Amount of loan that I seek :
Used private party 10-15k
new or used dealership 12-20k
both with 20-30 percent down

Questions :
1. Do you think i can get a loan now or would it be best to wait till after banktrupcy?
2. What is the max loan you can get with (lowball) only 1200 a month provably income?
3. Is it best to go used or new with attempting to get financing in this situation.
4. Would i have to go through a dealership or could i get a loan or a private party sale? (preferred for me)
5. How much down makes a loan like this doable? 20-30 percent down?








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Backstory ( dont read unless you have an extra minute. )
All of this happened due to the loss of a business that i was in for 10 years, etc..etc..w/e doesnt matter. went jobless for a while staying with friends and working part time jobs renting a room for over a year, etc..etc. I moved back in with my parents and have a steady job but only at 10.00 an hour so taking home bout 1200-1300 a month. this month 1800-2000+ with the overtime i got..but I dont have any bills right at the moment other then the 200 i give my parents for rent and food so I can save about a grand a month. Right now i have 2k saved up for the past 2 months i worked there. Should i file bankrupcy now and save up some cash or try and get a car and then file bankrupcy but keep the car loan open and whatnot. Looking for a car 10-15 grand used preferably, new if i have to. 10-20 percent cash down. My living situation will be with my parents for 1-2 years to save money so my only bills will be the car rent and basic day to day uses.....thats just to plan for the worst. I am looking forward to moving up quickly at work as the full time staff makes 24 an hour with tons of overtime.

Sorry for all the bad grammar and typing...long day and im tired.

Most of us car folks when we run your credit file, we also run a BNI score, in case you don't know, that's a Bankruptcy Navigator Index. It's an equifax product, and if I remember ccorrectly the scores range from 100-300. I know with many credit unions I deal with if the score is below 211, it doesn't matter what your FICO score is, you are not going to get a loan.

I don't think you could get approved on your own, And you certainly do NOT EVER WANT TO USE NET INCOME. Always use gross income. It doesn't matter what the take home is.

So if you asked me this question in my dealership, I would be unable to help you, if you declared that you would be filing for a BK. My relationship with my lenders is very important to me, and I would be remiss in my responsibilities if I were to possibly place a loan that I know could be part of a BK.

You may want to ask more detailed questions in our Bankruptcy Forum.

Ok let me ask you this...my lets assume i am going to file bankruptcy this week. If I am making 1600-2000 a month at a job ive been at for 3-4 months do you think i could get a 15 thousand dollar loan with 2-3k down, this being from a new or used car dealership. all with a 490-500 score.

I didnt mean to come off as someone who would take out another auto loan and then include it in the bankruptcy, I didnt think out my question properly. I more or less meant it as are my chances of getting the loan better before or after bankruptcy.

There is a problem will the way you fill out the application. We don't allow for a consumer to complete from 1600-2000.

You are requested to put in a figure that can be substantiated, not a range. If you have been on the job for less than a year, then we will normally not consider any overtime pay, we would only use your base pay.

Ideally you would need a minimum gross monthly income of 2000.00 and you might get half of what you propose from a tertiary lender.