Consumer Car Buying Advice Blog

A bankruptcy filing could mean you are on the road to reestablishing your credit.

A new beginning

Here at Auto Credit Express we realize that filing for bankruptcy doesn’t mean the end of your car borrowing ability. But before you fill out the loan application, you need to be sure that you currently qualify for a bad credit car loan.

Basic requirements

Before you fill out a bankruptcy car loan application at www.autocreditexpress.com, we want you to be familiar with our basic loan requirements. You see, unlike many web sites that guarantee you a car loan, we won’t lead you on with false promises. Our goal is to give you a realistic scenario of what to expect based on our twenty plus year’s experience in subprime auto finance. Here is what these requirements look like:

Age and Residency

You must be 18 years of age and a resident of the United States (if you plan on purchasing there) or Canada (if you plan on buying a car in Canada). It’s not that banks are discriminating against younger borrowers, but anyone under 18 cannot legally enter into a contract. You must be a resident of the U.S. or Canada, since the lenders that we work with are only licensed to do business in these countries.

Repossessions

You cannot have had any repossessions in the last year outside of your bankruptcy. This means that if you’ve had a car repossessed in the last year, it must’ve been included in your bankruptcy. A repossession either before or after a bankruptcy has to have happened more than a year ago.

Income

For most lenders, the income threshold is a minimum of $1400 per month. You must make and be able to prove this income. For regular employees (that have taxes withheld), a current pay stub showing current and year-to-date earnings is usually all that you’ll need. For self-employed individuals, the requirements are 3 years of tax returns (prepared by a professional) with corresponding Schedule C’s showing a profit. Self-employed persons should also be aware of that fact that, in the current economy, there are only a few subprime lenders that will consider this kind of income.

Information

Be accurate and submit a complete application. By including all the necessary information, the dealer can get you your loan more quickly. By filling out the application accurately, the loan process can proceed more smoothly and you won’t run the risk of having your approval reversed.

The good news

Just one more thing – and this is definitely good news – none of the lenders our dealer network works with will finance a car that is over 7 years old. For many of them, the vehicle has to be even newer than that. The lenders, as well as the dealers, want you to be driving a solid, reliable car.

We can help you

At Auto Credit Express, our job is to match you with a car dealer whose employees are experts at helping customers with bankruptcy car loans. Our online application and finance calculators will guide you through the process and educate you about how much car you can afford. If you are serious about getting your credit back on track, visit us at www.autocreditexpress.com. If you have any additional questions, feel free to contact us by phone or email us directly from our website.

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