As a society we are stuck on instant gratification, but unfortunately, not everything works that way. For example, there is no such thing as an instant approval for auto loans after bankruptcy. While there are some national lenders that do offer an instant auto loan approval programs, these are often only for people with perfect credit. Since bankruptcy damages your credit, such programs are not an option. However, there are other ways we can help.
Why You Won't be Instantly Approved
You will not be instantly approved because lenders have a score card that they compare your information to when they receive it online. If you do not meet all of their criteria, you will be turned down. If you have recently filed for bankruptcy, financing for a car is too much of risk for the lender to take. They will look at your credit history as you were unable to make payments before when you did not have as high of an interest rate, so why would you be able to make the payments now? They do not want to put themselves in a situation where they might lose money.
How We Can Help
Don't let that bad news haunt you; you can still get approved for an auto loan, just not instantly. The problem you will find is that if you are post-bankruptcy a 'regular' lender will not finance a vehicle to you, but there are car dealers that work with bankruptcy. The network of lenders that we work with here at Bankruptcy Auto Financing specializes in bad credit, no credit, or post-bankruptcy auto loans.
Our affiliates work specifically with people who have a bankruptcy in their past, but need a vehicle to get back and forth from work, or getting the kids to school, etc. They understand your situation, and although they will require a down payment, and you will have a high interest rate, they will do everything they can for you to get approved.
Please remember we are not lawyers and cannot give any legal advice. This article is only our experiences over the years, and can vary with every customer.