Are you concerned about buying a car after Chapter 13 bankruptcy? Learn what you can do to improved your chances of being approved for an auto loan.
Chapter 13 is one of the two types of bankruptcy normally filed by consumers in the U.S. In a Chapter 13 bankruptcy, filers are usually able to keep their property. However, there are rules about vehicles and car payments.
The decision to file for bankruptcy should never be taken lightly. You will be committing to a complicated and invasive process that will negatively affect your credit for years. However, for some consumers, bankruptcy is a necessary and even beneficial ordeal.
At Auto Credit Express, we are often asked questions about qualifying for bad credit auto loans following a personal bankruptcy. Here is one we recently received about waiting until your chapter 7 bankruptcy is discharged before applying for a car loan.
If you have a car when you file for Chapter 7 bankruptcy, you could find yourself with a big decision to make. In many cases, a bankruptcy filer can choose to either keep the vehicle or surrender it to the lender.
A dismissed bankruptcy filing is extremely damaging to a consumer’s credit report. However, there may still be a way to get approved for a car loan.
Buying a car while in a Chapter 13 Bankruptcy is a lengthy process, but it can be done.