Written by Mark Hergert1
Published on 26 August 2012 Hits: 3423
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After Bankruptcy FAQ'S & Tips

 

How to Get Bad Credit Auto Loans after Bankruptcy At Auto Credit Financial Services You have probably heard a lot of rumors about getting credit after filing bankruptcy, especially when it comes to car loans.

 

But you can still get quality bad credit auto loans with reasonable terms even after you declared Chapter 7 or Chapter 13 bankruptcy. A major key to getting a loan is to have steady employment. Ideally, you have been at the same job and residence for at least a year.

 

After Bankruptcy Auto Loans

Also, you must make sure a judge has finalized or “discharged” your bankruptcy case before you can legally apply for any type of auto loan.

If you are still paying debts under a Chapter 13 plan, you cannot legally apply for any kind of credit without a judge’s permission. A judge will probably approve your request if you truly need to get into another car.

After Bankruptcy Auto Loans

If you had good credit before bankruptcy but just ran into some hard financial times, you will be able to get a car loan with a fairly low down payment and interest rate.

In some cases, you can get a loan without a down payment or trade in. But the best types of car loans these days require a down payment even if you have good credit.

 

Generally, you should plan to trade in another vehicle or pay about $1,000 toward a getting into an auto loan.

Do not be afraid to explain your past bankruptcy or credit problems to a dealer or lender. Companies such as Auto Credit Financial have seen credit reports much worse than your own.

You will probably be pleasantly surprised to learn that you are far from the first person who ever had to file bankruptcy.

 Auto Loans After Bankruptcy

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