What is the best credit union or bank to use for a loan for someone with great credit score but old bankruptcy?

My mother orginally agreed to be my cosigner for a car. My Credit is very poor as Ive been consolidating debts and even with her as the cosigner- it didnt go through. Her credit score is over 720- she has a career- only thing is she has an old bankruptcy on her report from 5 years ago. She cannot get the car in just her name or an autoloan just in her name as then the insurance would have to be hers and it doesnt not reflect on my credit. She is willing to try for a personal loan(to loan me the money.) Im sure her interest rate would be better than anything i could get regardless,but I hope somewhere will loan the money(not a huge amount, maybe 7 to 8 thousand) .This would be my only other option correct? And Where are the best places to go for this with her situation (credit union names,personal banks?)

Update:

She has no debt- all her debts were paid off awhile ago. I didnt get the reason as to why it got denied- all the sales guy speculated was that the loan amount was for too much(so im getting something less expensive) and/or my credit brought the deal down even with cosign.

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  • Anonymous
    1 decade ago
    Favorite Answer

    I bought a car three months after my bankruptcy discharged with my local chevy dealership, it is strange that she was denied after a 5 year old bankrupcty. The bankrupctcy should not have much impact after 5 years, if she has a credit score of 720.

    Why was she denied? Ask the dealership why and what credit bureaus was used in their credit decision.

    Roadloans is for people with credit problems, my husband got his loan from them, better interest rate than dealerships could offer.

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  • Anonymous
    5 years ago

    You should take a look at the options you can find at: SAVEHUNTER.NET-

    RE What is the best credit union or bank to use for a loan for someone with great credit score but old bankruptcy?

    My mother orginally agreed to be my cosigner for a car. My Credit is very poor as Ive been consolidating debts and even with her as the cosigner- it didnt go through. Her credit score is over 720- she has a career- only thing is she has an old bankruptcy on her report from 5 years ago. She cannot get the car in just her name or an autoloan just in her name as then the insurance would have to be hers and it doesnt not reflect on my credit. She is willing to try for a personal loan(to loan me the money.) Im sure her interest rate would be better than anything i could get regardless,but I hope somewhere will loan the money(not a huge amount, maybe 7 to 8 thousand) .This would be my only other option correct? And Where are the best places to go for this with her situation (credit union names,personal banks?)

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  • 4 years ago

    You best bet is LEASING the car. I tell you why. For a 12k vehicle, tax and license is already over your down payment (depending on what state you live in). You are going to finance...lets say 5 yrs. They are going to sell this car to you at around 20 percent interest rate. Why? because you have bad credit and putting down LESS THAN 33 PERCENT. Most places (their banks) are afraid of approving you with such a little down payment. So your payment would probably be greater than if you lease the car. For leasing, you are still going to pay tax and license up front; but the rate is almost the same for one with bad ..or good credit. If you dont put alot of miles into the vehicle, leasing is right for you!

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  • 1 decade ago

    For anyone thinking about borrowing money from, a guaranteed online personal loan can be both secured and unsecured.

    http://www.worldbestloans.com/

    Well the unsecured loan is just that, unsecured for the lender. This simply means that the lender in effect has to take you at their word that you will repay the loan plus any interest. As the risk to the lender is greater due to the fact that if loan repayments are not maintained. The interest rates for unsecured loans reflect the increased risk to the lender and for that reason are considerably higher than those for secured loans.

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  • 1 decade ago

    You still have not said why the dealership denied the loan.

    If your mother's debt load is already high, she will not get approved anywhere, The BK is 5 years old, so I know that dealerships will approve her, they will approve someone within months of a discharged BK.,

    Try http:roadloans.com, they are for people who have credit issues. They will mail the check, then you can go car shopping (meeting the loan requirements) with cash.

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  • 1 decade ago

    Banks don't make personal loans anymore.

    They will hand you a credit card application.

    Some of the best customers with top ratings may get personal loans.

    760 + top credit, banks may still require collateral.

    /

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  • 1 decade ago

    hi

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