Stolen Whitehouse Blog

Auto Loans and Personal Bankruptcy

After filing for bankruptcy, it can be tough to get credit. Different lenders will have different terms and requirements for consumers who need auto loans. Many lenders will require a minimum monthly income as well as a minimum credit score. Any bankruptcy proceedings will generally need to have been completed before a potential borrower can move forward. If an automobile has been repossessed outside of any Chapter 13 or Chapter 7 proceedings, this will undoubtedly go a long way to limit any attempts at obtaining vehicle financing. While it is not impossible to find success in getting an auto loan after personal bankruptcy, it can certainly be challenging. In addition to shopping around for the best prices on a desired automobile, a wise consumer will also carefully shop around for the best interest rates and terms that may be available. The need for sub prime financing does not mean that a buyer should become desperate and agree to unreasonable or predatory terms and rates.