Looking for Phoenix, Arizona auto financing after bankruptcy? Well you are not alone. There are hundreds of Phoenix residents that have also filed and are looking to get car loans to help rebuild their credit score. At Bankruptcy Auto Financing we are a leading provider of auto loans after bankruptcy, whether you have filed chapter 7 or chapter 13.
Bk Auto Loans: Chapter 7 vs. Chapter 13
What type of bankruptcy you file in Phoenix all depends on whether you are above or below the Phoenix AZ median income, which for an individual is $42,603. If you fall below the median you qualify to file for a chapter 7 bankruptcy, and your best bet is to wait until after chapter 7 to get auto financing after bankruptcy in AZ. This is because most lenders, even subprime lenders, will not loan to you in an open chapter 7 because the process is so short.
If you have filed chapter 13 in Phoenix we can help you with financing a car after bankruptcy, or during. This is because in a chapter 13 the process is a two to three year repayment plan, and lenders understand that consumers need a vehicle to get back and forth to work. The only catch is you will need to get an "Authorization to Incur Additional Debt" from your trustee or judge, which can take two to three weeks, in order to get an open bk car loan.
Requirements for Vehicle Financing after Bankruptcy
There are many car dealers in Phoenix that finance after a bankruptcy, but they have some requirements. Most of them will require that you do not have a repossession within a year before bankruptcy or after, you make a minimum of $1,500 a month before taxes, been at your job for a year or more, and are at least 18 years of age.
If you meet all of these requirements and you are looking for car loans after bankruptcy then here at BankruptcyAutoFinancing.com we can help you find what dealerships in Phoenix offer financing for people in bankruptcy. Start rebuilding your credit by filling out our online application today to see if you are pre-approved for a bankruptcy auto loan.
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.