How To Get A Car The Day After Filing Bankruptcy

October 20, 2011 by  Filed under: Bankruptcy 

There are times when it is necessary to get a car after filing for bankruptcy. Maybe you let your car go back to the bank during the bankruptcy. It’s possible to get a car the day after you file.

Whatever your reasons, there is help for getting a car after filing for bankruptcy. Let’s look at a couple different scenarios.

Knowing Your Options May Get You A Car Sooner Than You Thought

Most people believe they have to wait until the bankruptcy is discharged before they can get a car. However, this may not be true for you. Depending on your circumstances you may be able to get a car right away.

Perhaps you have fallen too far behind on the payments and it is better to let the car go back to the bank with the bankruptcy.

Why You May Want To Get Rid Of Your Old Upside Down Car Loan.

If you are upside down on the car and you owed more on the car than what it was worth you may not want to keep it. Being upside down could be a real good reason to have the car loan discharged with the bankruptcy.

Keep in mind that you car will only depreciate more as time goes on. Some people believe that they should keep their car and try to make the payments. This may not be a wise decision. By letting it go back in the bankruptcy you can start over with a clean slate and a new car.

If you are still mid-process and the bankruptcy hasn’t completely gone through the court system, you will need the help of your court appointed trustee. The trustee will need to examine your situation to be sure that it is feasible for you to repay the loan through its entirety.

If together you decide it is a wise choice, the trustee can draft a letter of permission. The prospective lender will most likely need to see a copy of this letter before they will be able to get you a car loan after filing bankruptcy.

An auto loan before the bankruptcy discharge requires working with the attorneys and the trustee assigned to your case to prevent doing anything outside of the legalities of bankruptcy.

Why Getting A Car After The Bankruptcy Discharge May Be Easier Than You Think

Having to get a car after the bankruptcy is discharged is possible and highly likely that you may get approved for an auto loan. After a bankruptcy discharge presents an entirely different situation, one that may not be quite as difficult as you think.

If you find yourself in this position, you will not need special permission from the courts because the bankruptcy is complete and over.

In order to best deal with this scenario, you will want to search a local subprime lender. These lending companies have special financing for those who find themselves in this situation.

It would be ideal if you can work with an auto consultant who specializes in subprime lending. They will work closely with you and your special circumstances. An auto consultant works for the client and most often will work to find you the best terms.

In order to qualify for this type of loan, you will need to show proof of income. The potential lender considers you high risk because of the bankruptcy on your credit report. Therefore you will want to convince the dealer that you are able to repay the loan in a responsible manner.

The good news is that whatever stage you are in you may be able to find a car loan after filing bankruptcy.

If you enjoyed this article and want to learn more, Click Here… we have the antidote for your car buying blues during and after your bankruptcy.

Here’s a short video for you from 9News called, Coming Back From Bankruptcy that can help you get the car you need and want much easier.

Article Source:
http://EzineArticles.com/?expert=Mike_Reitz

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