Do you think that because you have filed for Bankruptcy your chances of getting an auto loan are non-existent? Most bankruptcies take 7-10 years to clear from your credit report, however there are ways to receive car financing before your bankruptcy is totally wiped from your record.
Subprime lenders are in the business of providing financing for those with less than stellar credit. Financing from these lenders usually comes with higher interest rates to account for the poor credit score. Another option would be to get financing from an auto dealer directly. Dealers often offer in-house financing with no credit check, however the interests rates would be comparatively high, similar to those offered by a subprime lender.
The most important thing you can do if you have filed for Bankruptcy is to begin to rebuild your credit. One way to improve your credit it to obtain a secured credit card. A secured credit card is issued from a bank based on a certain amount of cash deposited. Making on time payments will help re-establish your credit. These cars do carry high interest rates and are primarily targeted to those who have filed bankruptcy and are looking to rebuild credit. You can apply for bankruptcy car financing about 6 months after you have filed as long as you have been taking those credit building steps.
Whether you have filed for Chapter 7 or Chapter 13 Bankruptcy, there is a Bankruptcy Car Finance option for you. Even those who have had car repossession due to their bankruptcies can obtain specialized financing aimed at those in their situations.
Once bankruptcy is filed, you will need approval from the trustee handling your finances prior to taking on any new debt -- like an auto loan. Before you meet with your trustee you are going to need put together a new list of costs of expenses that you have. Don't forget to factor in the price of gas and auto insurance. You are also going to need to provide pay stubs from your new job to verify your new income. You have to 'prove' that you need a car and that you can afford it.
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* Actual financing offer from lender or dealer will vary based on your credit score and other stipulations.