Free 60 Second Application with 98.9% Approval ]]> Is It Possible to Get Car Loans After the Completion of Bankruptcy?
Being in the poor credit auto loan market for years, we understand how stressful bankruptcy can be. However, anyone who has been through this must understand that this is not the end of the world. At Valley Auto Loans, we offer specialized service to provide hassle free car loan facility to consumers with poor credit and those who have just completed their bankruptcy. As a part of this practice, we frequently encounter questions from these car loan applicants concerning their chances of qualifying for a car loan. Our official blog was created sometime ago to provide answers to these questions relating to the most common financial concerns that poor credit consumers face in their life.
Different Bankruptcies
In the United States, there are two types of personal bankruptcies known as the chapter 7 and chapter 13 bankruptcies. Chapter 7 applies to cases where the filer has no property left other than the basic requirements and has very little earning to support his/her livelihood. On the other hand, Chapter 13 refers to bankruptcies where the person involved has a home or some other property, and they want to retain the same. These filers do have a regular source of earning which, however, is not adequate for payment of debts. Both these types of bankruptcies can be completed by dismissal or discharge.
A dismissed bankruptcy refers to cases where the payment schedule has not been adhered to as per the order of the court. Any sub-prime auto lender is most likely to turn down auto loan application if dismissal is reflected on the credit report of the borrower. On the other hand, discharge is a much more desirable ending of bankruptcy and refers to successful completion of the entire procedure. In such cases, a letter of discharge is issued by the court and a copy of the same is required to be submitted along with the filled up application form.
Finding a Solution
Car Loans After Bankruptcy through ValleyAutoLoan.com
All victims of bankruptcy are required to reestablish both their installment credit and revolving credit. Start your credit repairing process by sending application for a secure credit card because it may not be easy to get a regular one right after the completion of bankruptcy. In secured credit cards, your credit limit is calculated based on the available balance in your savings account. Luckily, many lenders convert these cards to standard ones after 12-18 months if the payment record is good. To rebuild your installment credit, you may sign up for an auto loan. However, not many lending companies are too keen to offer auto loans to people who have just completed bankruptcy.
This is exactly why you may need our service to get your credit back on track. Our efficient bad credit car loan system approves all applications regardless of credit history. Check our website today and qualify for your low interest auto loan in less than a minute.
GD Star Rating
loading…Is It Possible to Get Car Loans After the Completion of Bankruptcy?, 9.8 out of 10 based on 12 ratings ← The Basics to Getting an Auto Loan Without Good Credit Used Car Buying Tips for Credit Challenged Consumers →