The road of life isn’t without bumps. Economic conditions, divorce, job loss, and many other factors can sometimes result in the need for a legal fresh start – bankruptcy. One of the questions we hear most often is “can I still get a car loan with bankruptcy?”
The answer is, almost always, yes!
Whether you’ve filed Chapter 7 or Chapter 11, it is possible to obtain an auto loan with bankruptcy. CreditYES® and our nationwide network of dealerships work with lenders everyday that specialize in getting bankruptcy auto loans approved.
THE CHAPTER MAKES THE DIFFERENCE
When looking for a car loan with bankruptcy, the chapter in which you have filed must be considered. While there are several types (chapters) of bankruptcy, the two most common for personal bankruptcy are Chapter 7 and Chapter 11.
CHAPTER 7 BANKRUPTCY AUTO LOANS
With Chapter 7 Bankruptcy, you can actually obtain automotive finance during your court proceedings – meaning you don’t have to wait for your discharge to get an auto loan. After your 341 meeting (meeting of creditors), you’re able to search out finance options and purchase a new or used vehicle. This is especially important if you relinquished (or plan to relinquish) another vehicle in your bankruptcy but need transportation. Our dealership network can get you an auto loan with bankruptcy and into a new car quickly.
Chapter 11 Bankruptcy is – by definition – a restructuring of debt. The Bankruptcy Court will assign a trustee to oversee your finances for a period of time after the bankruptcy is discharged (usually 3-5 years), and you’ll have to make negotiated monthly payments to the Court to satisfy your debts owed. Obtaining an auto loan with a Chapter 11 bankruptcy isn’t necessarily more difficult than a Chapter 7 situation, but there are more restrictions on the borrower.
You will have to wait until after your proceedings are discharged and your trustee will need to give permission for you to obtain an auto loan with bankruptcy. If you are in a Chapter 11 situation CreditYES® can help you, but it is always best to consult an attorney before moving forward.
BANKRUPTCY DOESN’T HAVE TO STOP YOU FROM A NEW VEHICLE PURCHASE
Our credit specialists have helped over 1 million people get into new vehicles. CreditYES® has a dedicated and knowledgeable team available 24/7 to answer any questions or get you pre-qualified.
We have reputable dealerships across the United States who know how to get you a car loan with bankruptcy. From brand new to late model used vehicles, every make and model imaginable is available.
Best of all, CreditYES® is a completely free service. You don’t have to worry about hidden fees or paying more for your next car. We pre-qualify you quickly over the phone or online and you head to the dealer to shop.
CreditYES® is the trusted auto finance authority who know how to get you an auto loan with bankruptcy. We help finance your future, not your past.