Florida is one of the many states that experienced a large jump in personal bankruptcy filings in 2010, and as a result left many individuals looking to get bankruptcy auto loans. As surprising as it sounds, it is possible. At BankruptcyAutoFinancing.com we work with special finance lenders in Florida that work with all different credit situations including bankruptcy.
Florida Experiences an Increase in Bankruptcy Filings
Although no exact reason is known for the bankruptcy incline, the unemployment rate more than likely played a big role. At one point in 2010 there was 11.4% of Florida’s population unemployed, which is an all-time high for the state.
- 2007: 24,854
- 2008: 4,776
- 2009: 68,819
- 2010: 80,801
- 2011: 68,015
- 2007: 4,531
- 2008: 18,895
- 2009: 23,219
- 2010: 27,218
- 2011: 22,645
- 2007: 39,385
- 2008: 63,671
- 2009: 92,038
- 2010: 108,019
- 2011: 90,660
| Ch. 7 | Ch. 13 | Total |
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In 2007 the average income for a FL household was over $50,000 and dropped to just over $46,000 by 2010 leaving 14% of the population living below poverty. Paying the monthly expenses can be nearly impossible when out of a job and living below poverty, and in turn leaves thousands declaring bankruptcy.
Dealerships Accepting Bankruptcy in Florida
Bankruptcy can leave people feeling lost; they know they need to rebuild their credit, but don’t know where to turn. Luckily, there are car dealers that accept bankruptcy in Florida. Our network of Florida lenders know how bankruptcy can affect an individual and work hard to get them approved at an affordable rate. Keep in mind though, that bankruptcy on a credit report will result in higher interest rates, but after a year or two of timely payments refinancing may be available.
If you are recently out of bankruptcy and looking to get into a vehicle but have a strict budget we can help. Use our auto loan payment calculator to determine how much of a down payment you will need to stay on your budget. Once you have determined how much you can afford submit an online application to see if you are preapproved.
Remember we are not lawyers and cannot give legal advice. The situations discussed are only our experiences over the years and may vary with each customer.
