Getting Approved - Car Loan After Bankruptcy in Seattle

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If you're living in the Sea-Tac area and you're dealing with the aftermath of either a chapter 7 or chapter 13 bankruptcy, you're not alone. In the past twelve months there have been over 8,000 people in the same boat as you, and there is a way to get back on your feet financially.

Obtaining Auto Financing after Bankruptcy in Seattle

Traditionally, when you've needed a new car, and were planning to finance it, you would have simply walked onto any car lot and filled out an auto loan request form. However, when you have a bankruptcy and your credit score needs repair the process is a little different. Most traditional dealers around Washington won't touch a customer with a bad credit history due to the high risk they pose, but this is where a subprime dealer comes into play.

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Getting Off the Bankruptcy Ferris Wheel

The unemployment rate for the Seattle-Tacoma-Bellevue metropolitan area is sitting at 5%, which may not sound like much, but if you are one of the five percent, you would surely disagree. No one enjoys scrambling each month to pay bills and put food on the table, and even worse, if things don't improve, many of these same people will have to file for bankruptcy.

Down Payments and Interest

If you've recently been discharged from your bankruptcy, it's likely that you don't have cash on hand for a large down payment. This isn't a problem for many of the auto dealers in our network. However, if you don't have a cosigner on your loan, there may be a low down payment of $500 required, but this is much better than the 20% to 30% that most other lenders in the area might require.

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as of 04/23/2024