You will get a car loan

You will get a car loan after your bankruptcy relieve. Whether it was a Chapter 7 or a Chapter 13 filing, you will find places that you can apply for a loan to get a car and get approved through quickly. You probably know though, it's not going to happen simply anywhere that you go.

Usually auto dealerships have a few lenders which they send post bankruptcy auto loan applications to. The stipulations can be aggravating, having to come up with a copy of your lumination bill and prove everything regarding yourself including your mother's maiden identity. This is common and what is even more common, is that these lenders of which some dealers use, can't get you approved for anything reasonable at all.

I've seen customers fresh from a bankruptcy that have to pay car loan interest levels as high as 29%. That should be illegal. When a customer has a decent income and can obviously afford to buy the car and handle the car payment, there should be simply no reason for them to have to pay such a increased amount.

In the case of Chapter 7, your unsecured debts have been discharged along with your secured debts should be straight. Having a Chapter 13 case, you've proved that you've made the effort for at least 3 years to pay back those things that you could. So having a recent bankruptcy can be a sign of responsibility and making an effort to start unique.

Luckily biweekly payments for those that know about it, there are a few lenders that specialize in helping individuals after they've had a bankruptcy. You will discover special finance programs for people which have had bankruptcy, repossession or additional credit obstacles. While most mainstream lenders will want to see re-established credit, these special finance lenders are your source for getting that first fine auto loan to buy a car after a individual bankruptcy discharge.