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Just because you filed for bankruptcy doesn’t mean that you can’t drive a quality pre-owned car. While it might be difficult, it’s entirely possible for individuals who have declared bankruptcy to secure bankruptcy car loans. Just as you had to give your decision to file for bankruptcy a lot of thought and research, you’ll have to do the same when it comes to a bankruptcy car loan.
Filing for Bankruptcy you can’t drive a quality pre-owned car. While it might be difficult, it’s entirely possible for individuals who have declared bankruptcy to secure bankruptcy car loans. Just as you had to give your decision to file for bankruptcy a lot of thought and research, you’ll have to do the same when it comes to a bankruptcy car loan.
Chapter 7 Bankruptcy
Timing is everything, and the same is true when it comes to car loans. If you filed for Chapter 7 bankruptcy, then you’ll have to wait until you receive your discharge before you can secure financing for your next car. A Chapter 7 case usually only lasts anywhere from four to six months, and once you’ve received your discharge order you can show it to your lender as proof that your case is complete.
Chapter 13 Bankruptcy
You’ll have two options if you’ve filed for Chapter 13 bankruptcy. Your first is to wait for your discharge, which won’t be entered until three to five years of your repayment period have passed. You can also apply for court permission to secure a car loan if your bankruptcy case is still pending.
Once you’ve found the car and dealership that you like, do your research on the dealership to make sure that they’re in good standing with the Better Business Bureau. It’s also a good idea to choose a used car dealership that has a physical address as well as a customer service department so that you can be sure that they’re legitimate and available to help you should you ever have any questions.
Keep in mind with bankruptcy car loans that you’ll more than likely have high interest rates. This is all part of the process and practically unavoidable. This is one reason it’s so important to make sure that you fully research car loans so that you can prepare yourself as well as your future finances so that you can successfully make car payments.
Don’t let bankruptcy keep you from enjoying a quality used vehicle. Keep your expectations realistic and your loan repayment strategy watertight.