Is It Possible To Get Car Loan After Bankruptcy Chapter 13?

 

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.

To get more information about the military car loans guaranteed, you can consider visiting www.autoloansforeverydriver.com.

How To Get Car Loans After Bankruptcy Chapter 13

According to the US courts the chapter 13 of bankruptcy is the wage earners plan. If anyone who has filed for a chapter 13 bankruptcy has a regular income or wages then he can have a settlement with the court that ensures repayment of his debts totally or partially within a course of three to five years. So if you are a wage earner and had to file for a bankruptcy under chapter 13, then you have a lot to pay up for your debts. Getting a car loans after bankruptcy chapter 13 may sound almost impossible, as your application may get rejected by the credit bureaus.

But there is a way when there is a will. You can get chapter 13 bankruptcy auto loans if you show a valid enough reason for filling the bankruptcy. If you had to file the bankruptcy due to medical expenditure or accident then the credit bureaus would give you an approval for your car loan. You may even ask for zero down payment auto loans since it would not be possible for you to make any down payment with the chapter 13 bankruptcy. You will already have to pay your debts every month.

Apart from the chapter 13, a lot of people file for chapter 7 bankruptcy. Under this section the non exempt property and finances of the debtor is liquidated and distributed to all his creditors. If you are lucky enough, there is a chance that you might get auto loans after chapter 7 bankruptcy as well. However the rate of interest will be quite high for these types of loans. You can try bargaining is possible but with your chapter 7 bankruptcy it may not be that easy. Bankruptcy makes a deep mark in your financial and personal life. However it does not end anything and you should keep moving.

If you wish to know more about these car loans after bankruptcy then you can visit the website www.autoloansforeverydriver.com. The website will provide you with a lot of information about how you can manage a car loan, even after your bankruptcy and the types of deals available for you.