Who Will Finance A Car After Bankruptcy?

October 27, 2011 by  Filed under: Bankruptcy 

You may be surprised to know this but there may be several lenders that are willing to finance you for an auto loan despite your recent hard fall.

When you file chapter 7, your debts are dissolved. This includes personal loans, credit cards, medical bills and any other types of unsecured debts. So where it is true that your credit score took a hard, quick fall, it is also true that you have little or no other debts. You may have a big BK branded on your financial portfolio but you also have a clean slate when it comes to debt.

In addition the potential lender knows that you cannot file bankruptcy for another 7 to 10 years. Because most auto loans are for a much shorter period of time than that, prospective loan companies feel that you are more likely to pay back the loan. This is another mark in your favor when considering who will finance a car after bankruptcy.

Begin by speaking with your friends, family and co-workers to see if anyone can refer you to someone who they know of that might be able to help you. Unfortunately, many people are experiencing difficult times and someone you know may know of someone that can help you with special financing.

In addition, you could try conducting an online search for subprime lenders, you will find many resources. With today’s economy there are many lenders that now have a person or persons who specialize in helping those with a recent BK discharge secure an auto loan.

Another source may be a credit union. If you belong to one of these, they may be able to offer you a bankruptcy auto loan. If you do not currently belong, research your state to see if you can find one where you can apply, and ask if they can offer you any assistance in purchasing a vehicle.

If during the bankruptcy process you continued to faithfully pay your auto loan and/or reaffirmed it, this bank may also be willing to work with you to finance a new car. Contact the loan officer and explain your situation. Ask if there is anything they can do to help you.

One final suggestion would be a licensed dealership. Take some time and check out dealers in your local area. Ask the person you speak with if they do special financing for those who have recently gone through a BK. If they do, pay them a visit.

You’ll be surprised who will finance a car after bankruptcy. There are more lenders today for special finance programs than there has ever been in the automobile lending industry.

There are several options listed above.

It is a good idea to remember that with any of the suggestions, be honest and up-front with the person you are speaking to.

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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