Filing for bankruptcy is sometimes the only way out of a bad financial situation. Often an open or closed bankruptcy can make it harder to get approved for a car loan. Fortunately, you can find car dealers who will be willing to work with you to get qualified—for example, the Sullivan Auto Group. Working with a Finance Specialist Getting approved for an auto loan after a Chapter 7 or 13 bankruptcy is not easy. It's no wonder that most dealerships are unable to help you. Few people qualify for a Chapter 7 bankruptcy, which adds to the challenge. Since a Chapter 13 bankruptcy requires three to five years to complete, you'll have to work closely with your bankruptcy trustee to make it happen. When you're trying to obtain financing during or after a bankruptcy, you will have to start with the loan approval process first. It might be a while until you can actually go car shopping, but your finance specialist at your dealership can help you get there. Bring a Down Payment Theoretically, it's possible to get an auto loan without a down payment even during or after a bankruptcy. However, a down payment of $500 or $1,000 can significantly improve your financing terms. If you think about it from the lender's perspective, you'll realize that a large down payment will make them feel better about loaning you the rest of the money. You Need Proof of Income In order to get a loan, you will need to show proof of your monthly income. But after a bankruptcy, this is even more important. You should make at least $1,500 a month before taxes to qualify for an auto loan. The best thing to do is to call a dealership like the Sullivan Auto Group to start working on your financing terms right away.
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