Bad Credit Auto Loans After Bankruptcy Chapter 7 and 13 Discharge and Dismissal

There are a lot of people in the United States that have had to declare Chapter 7 or 13 Bankruptcy over the last few years. Foreclosures have hit an all time high in America and even car repossessions numbers have risen. This leaves people that have suffered through these credit disasters to wonder if it’s possible to secure an auto loan after bankruptcy.

Fortunately, there is help.

It used to be, that if you went through a major credit crisis, that auto financing was very, very challenging to obtain. Most local bankers and credit unions saw these types of issues as a sign of significant financial instability. While it is indicative of financial problems, those can be easily explainable by the current financial crisis that we are all experiencing right now. There are some lenders that are more understanding and better equipped to help you to overcome these challenges, and some good opportunities are presented to you online.

If you have had a Chapter 7 Bankruptcy that has been completed, then you have the benefit of having a fresh start.

With your unsecured debts, such as credit cards being forgiven, you have more cash available for your monthly bills. So long as you have a reasonable debt to income ratio, securing good finance is a very real possibility immediately after discharge. Good companies are available online to help you.

If you have had a Chapter 13 Bankruptcy and have completed your payments, then you also are in a good financial position to secure auto financing.

With a good income to debt ratio, it’s very straightforward and simple.

Whether you’ve had a discharge or a dismissal, there are companies that are willing to give you a second chance and a fresh start to rebuilding your financial future, while driving a vehicle that you can be proud to call your own. Securing auto financing with little to no down payment is also very possible, although you may have better luck by using an online lending source, rather than the typical sales routine of a dealership.

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