You Can Qualify for an Auto Loan with a Bankruptcy

 
Many people know that when they file for bankruptcy they are seriously hurting their credit. Because of this many of them simply don’t try for things like credit cards or even auto loans because they know that they will be denied them. However, this is not always the case. There are ways of getting an auto loan, but you have to know what you are doing. You can get one through a subprime lender but if you aren’t sure of who you are using you might end up with a very high interest rate. There are some companies out there that will take advantage of you and your situation if you let them.
 
How about those people who need an auto loan but their bankruptcy has not yet discharged? There are ways of helping them as well, but they have to take the proper steps so that the car is not repossessed later on. They need to get a car that they can afford, and they need to be very clear with everyone what they are doing. The kind of auto loan that you get will have a lot to do with the type of bankruptcy that you are filing for. If it is a Chapter 7 the auto loan companies will not consider your application until the 341 meeting occurs – which is when you meet with the trustee and they verify the information that you have provided.
 
With Chapter 13 bankruptcy you need to petition your trustee that has been appointed by the court to oversee your case. You need to petition them to incur the additional debt that comes from the auto loan that you would be taking on. If you are approved you will be able to get the auto loan, otherwise you cannot – without the order from the trustee, no one will touch you.

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