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Qualify for Pre Approved Auto Loans with Bad Credit

Whether or not you’re able to get a car loan during bankruptcy depends largely on what type of bankruptcy you’re in, and how successfully you complete it. There are two types of bankruptcy that you can find yourself in: a Chapter 7, a liquidation bankruptcy, or a Chapter 13, a repayment bankruptcy.

A Chapter 7 bankruptcy is a relatively short process that usually lasts only three to six months. It involves the sale of your personal assets, and the use of those profits to pay your debts. Though you can technically apply for a car loan after the “341” meeting of creditors has taken place, most subprime lenders won’t approve an auto loan while you’re in an open Chapter 7. However, it’s quite common to get a car loan once your bankruptcy is completed, as long as you go to the right lender.

Conversely, a Chapter 13 bankruptcy is a long process that takes either three or five years to complete where you’re responsible for the repayment of your debts over that time. Because of the length of time it takes, it’s much more likely you could need another vehicle during your Chapter 13. In order to achieve this, you’ll need your trustee to file a “motion to incur debt” with the court.

For this process, you’ll need to find a dealer that works with people in bankruptcy, and get a sample buyer’s order and financing statement to bring to your trustee. This paperwork needs to be very specific about your potential loan and include your down payment amount, the total cost of financing, your monthly payment, loan term, interest rate, and vehicle information. The dealer must also include “or similar” with the vehicle information, otherwise you’ll have to start from scratch if the vehicle you had in mind sold while you were waiting for a decision from the court.

As with after a Chapter 7, it’s possible to get financing during or after a Chapter 13 bankruptcy as long as you’re working with the proper lender. Because bankruptcy will bring down your credit score, this typically means getting financed through a subprime lender. These lenders only work through special finance dealerships, so you can’t get a direct loan from them. Here at SLG Progressive + Commercial Insurance Agency, we work with a coast-to-coast network of these dealers, and we want to help you get started on the path toward your next vehicle today.

Please note that it’s important to see your bankruptcy through to a successful completion, which will get you a discharge from the court. If you don’t, it results in a dismissal, which makes it virtually impossible to obtain financing through a traditional or subprime lender.

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