bankruptcy car loan lenders

Is it difficult to get a mortgage or a car loan?

My husband is the breadwinner of the family (I'm at home with our 4 boys) and he had bankruptcy again in 2003. Anyways, his credit is not the best but in 2006 we obtained a mortgage after some struggles through his credit. My question is, how difficult it will be to get a car loan, having always a mortgage? We need a new car, and I do not know if I should even bother with the local banks, or if I jump on a subprime lender. Any advice is appreciated! Thank you ….

2 years ago, it was easier to get a mortgage. Her husband would probably not be able to get a mortgage on the market today without a lot of paper. Today it is much easier to get a car loan, but the interest rate is be much higher. With bad credit, you can pay 20 +% on a car loan. If you had that kind of interest rate on a mortgage, you can not afford the payment, so that they do not even them. The ability to get credit for a car is actually on the combination of your debt to income ratio and depends on your credit score. I would avoid a subprime lender under any circumstances, if possible. If you are forced to go this route, something used to get you, until you can can afford to get something new, without paying an unprecedented amount of interest. With credit ok everything is under 8% a good interest rate.

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