It is a common misconception among people that once they face bankruptcy, they will lose the ability to buy anything on credit. But it is hardly a truth. Even if you are facing bankruptcy, you can still fulfill your dreams like you can purchase a vehicle. Many people ask is it actually possible to own a vehicle after bankruptcy and how they can fit into the car loans after bankruptcy chapter 13. But in reality, it is not that hard like it seems.
So, if you are in search of car loan bankruptcy chapter 13, then first and foremost you have to talk to your lawyer about securing the financing for your vehicle. Though this thing will not enthuse your creditors to offer you some more debt, but still it is necessary to get the advice and the approval before you move forward.
Next to get the car loan guaranteed approval after bankruptcy, you will have to demonstrate several things. For example, you have to show that the vehicle you are presently using is not in a good shape anymore to be used. In some cases it can be truly simple, especially if you have met with an accident. Otherwise, you can bring the depreciation schedules, repair estimates etc. to prove that it is better option to purchase a new vehicle instead of spending money in repairing your present one.
Then make a realistic request. In case of bankruptcy, you can only get the approval of a simple and sturdy used sedan and not a luxurious new car. So, don’t expect anything high.
Next, start applying for the auto financing immediately. While you apply, be upfront with the lenders about the credit situation and also the reason why you are looking for a vehicle. Keep in mind one thing that the lenders don’t want to work with anyone, going through bankruptcy. So, be honest. This will save both your aggravation and time. Whenever you find a lender, ready to work with you, just offer him/her all the details that will help you to get the loan approval.
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