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Get an Auto Loan After Filing Chapter 13

One of the biggest challenges of getting an auto loan is experienced after people have either been discharged or had their bankruptcy dismissed. Yes it certainly is a challenge to get your auto loan approved but its not impossible. With the right steps you can get an auto loan even after chapter 13. In this article we will take a long hard look at what you are up against and recommend possible solutions to these issues. Now if you have lately filed for a chapter 7 or a chapter 13 bankruptcy which was discharged probably a year ago or a few months ago many lenders are going to be very suspicious about you. They are also going to critically evaluate your credit history. Even when you visit the local dealership you are going to find it really hard to get an auto loan approved after a recent bankruptcy has been discharged. If you have filed for a chapter 7 bankruptcy its only going to fall off your credit report after seven years. The same goes for a chapter 13 bankruptcy.

Now people who have had their bankruptcy dismissed will have to have this stay on their credit report for 10 years. Now this is not ten years from the date the bankruptcy was filed but ten years from the date of its dismissal. So if you were in a bankruptcy suit for two years and it was just dismissed then the clock up to the ten year count starts right now.

Now getting an auto loan is still possible however you will need to prove to the lender without doubt that you are going to be good on your word. Also remember that you are not going to get that same 4% interest rate that everyone else gets. You are going to have to settle for something much higher.

There are a number of sources on the internet where you can go to get an auto loan after chapter thirteen or seven bankruptcy. You might have to do a Google search for lenders in your area and read though their agreement online before you call them. However reasonable terms with financing are possible based on how you advocate your case. I would advise that you start searching right now because it takes time and some effort to get approved for an auto loan after bankruptcy.

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