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Chapter 13 and Auto Loans – What You Should Know

Bankruptcy itself can be a really stressful procedure and life after bankruptcy can be even more difficult because you are actually starting off worse than you did when you were a teen. People find it especially difficult to qualify for any type of auto loans especially after they chapter 13 case has been discharged or dismissed. I will admit to the fact that it can be hard but its certainly not impossible. When you know how to go about it the right way nothing is impossible and especially not getting auto loans.Now if your plea for chapter 13 or 7 was discharged or dismissed as little as a few months ago finding a lender can be really challenging. Many lenders are really suspicious of people who have just been dismissed. They are going to go though your credit history with a fine toothed comb and you need to give them a good reason why you can be trusted. The fact is that all people who file for bankruptcy are not cons or cooks and lenders understand that as well. However if you visit your local car dealer ship you care not going to get approved for auto loans by them. Chapter 7 and chapter 13 bankruptcy shows clearly on your credit report for seven years. So you need to plan out a strategy accordingly or wait seven years before you apply for auto loanss. Also those who were dismissed have it on their credit report for a decade. The ten years start from when the bankruptcy was dismissed.

Getting auto loans is still certainly possible but you need to prove to the lending company that you are going to pay up. They need to be sure that you are a good person and are going to keep your word because you are trying to build up your credibility from the ground up. However regardless of what you do don’t expect to get the same 4% interest rate that people with good credit reports get. The interest rate you get is going to be high but the question is just how high will it be?

There are many online lenders you can search for on the internet which lend people money regardless of whether they have just been dismissed or not. Fill out their auto loans application form and find out exactly what you are going to be paying in terms of interest rate.

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