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Can You Get A Car Loan After Bankruptcy?

August 31, 2017 • Steve Cyr • Tags:

 

You did it.  You filed for bankruptcy.  And after seemingly endless hours of working with an attorney and sifting through what felt like a million papers, the process is complete.

Maybe this was a few years ago, maybe it was yesterday.  What hasn’t changed though is the fact that you feel like no matter how hard you have worked to improve your situation, you now have a big red “BANKRUPT” written across your forehead for all creditors to see and there’s no way to clean it off except wait for it to fade away years down the road.  No one is even going to consider lending to you now, right?

Overdue Bills and Bankruptcy

Wrong.

Despite what you have read online or heard from your Aunt May, bankruptcy is not a death sentence for you or your credit.  Does it play a factor in the decision-making process? Of course.  Does it mean that your lender is immediately going to hit the “eject” button on your chair and launch you right out of the building?  Not necessarily.  But what you need to find is a finance company that understands your situation.

 

At Prestige Financial, most of our customers have experienced bankruptcy at some point.  This is due to the fact that one of our primary objectives is to be a tool and resource for people as they travel down the road to financial recovery.  Besides that, we specialize in bankruptcy situations – particularly open cases.  Think this still sounds too good to be true? Well, read on my friend!

Let’s give you a little background.  A lot of our business focus, our “bread and butter,” if you will, comes in two different flavors of bankruptcy: a Chapter 7 open bankruptcy and a Chapter 13 open bankruptcy, “open” simply meaning you’ve filed, but it hasn’t been discharged yet.

Chapter 7 Bankruptcy

Also known as a “liquidation” bankruptcy, Chapter 7 bankruptcies can erase all debt that is legally capable of expungement.  You also have the option to surrender, redeem, or reaffirm your debt.  Income criteria established by bankruptcy law determine which debtors may file for Chapter 7 bankruptcy.  You can learn more about this type of filing here.

Chapter 13 Bankruptcy

Also known as a “reorganization” bankruptcy, Chapter 13 bankruptcies allow you to keep the property you need as well as surrender other property and then create a structured repayment plan to pay off your debts over time, typically three to five years.  In order to qualify, you must receive enough income to make the payments on your plan.  You can learn more about this type of filing here.

Why Is This Important?

Now regardless of either bankruptcy, they have a common trait – they can wreak havoc on a little thing called your credit score.  Aside from that, they can take you through a long, drawn-out, complicated process as you work towards achieving your ultimate goal: financial relief.  Add the need for a new car on top of all of this and you’re looking at quite the headache of a situation.  Don’t you want someone with experience assisting you during this complicated time?  We thought so, and luckily for you, this is where Prestige Financial really shines!  We specialize in getting you a car loan after you file for bankruptcy and have been doing it for years!

What We Look At When It Comes To Car Loans After Bankruptcy

Our claim to fame (watch out Hollywood) is that we don’t just look at credit scores to reach our decisions.  We realize that you’re a real person who has run into some real problems, so we work with you to get a clear image of both your open bankruptcy and the whole picture to see what needs to be done to get you back on track!  Once we consider your household debt and income from employment, we work hard to find a payment that will fit into your unique situation.

Get Back to Prime Lending Rates

Our ultimate goal is to get you back to having access to prime auto lenders and be a tool on your road to bankruptcy recovery.  We  accomplish this by giving you a chance to get a new car, consistently encouraging you to make your payments on time, and working towards helping you own your car and bettering your situation.  Ultimately, Prestige Financial hopes to improve your life and in turn further build our reputation not only as a quality auto lender, but  as an ally to consumers who are looking for a helping hand.

 

 

If you are currently in need of an auto loan and have experienced financial hardship or need a car loan after bankruptcy, apply for financing and we will get to work on finding the right fit for you!