Sign and Drive or Guaranteed Instant Credit Approval with Bankruptcy

Sign and Drive or Guaranteed Instant Credit Approval with Bankruptcy

You’ve seen the sign and drive or guaranteed instant credit approval ads that promise to get you into a car no money down, and wonder if you could take advantage of these offers, despite having bankruptcy. Unfortunately, these offers are only available to people who have impressive credit, or they come with some sort of catch. The good news is that there are other ways to get a car, even if you have bankruptcy.

What is Sign and Drive?

Guaranteed Instant Credit Approval
Sign and drive is a type of lease that automakers offer, that doesn’t require a down payment. However, they do usually require the taxes, title, and registration fees at the time of signing, so you aren’t really able to drive away without paying anything up front. They usually have higher payments than leases where you put money down, and there are still specific lease term and mileage guidelines.
If you have filed for bankruptcy, you are going to be considered too high of a risk for a sign and drive lease. You may still be able to lease a vehicle, but you will need a down payment, and will have likely have a high interest rate. Although your on-time payments will be reported to the credit bureaus, you won’t have anything for a trade-in when it comes time to turn in the vehicle.

Can You Get Instant Credit Approval?

Some lenders claim to offer guaranteed instant credit approval, but can you really get this type of auto financing following bankruptcy? Typically the only lenders who offer these loans are Buy Here Pay Here car lots, which have a small inventory of old cars, charge high interest rates, and sometimes install GPS systems so that they can repo the car if you are even a day late on the payment. Always investigate any company that claims to offer guaranteed instant credit approval through the Better Business Bureau, or a website such as that allows you to see who owns the domain to their website.
While you won’t qualify for sign and drive or guaranteed instant credit approval, there are plenty of reputable lenders who offer bad credit auto loans. Here at, we have a network of lenders who can work with you regardless of your credit history. Simply fill out our online application today to see how much you could be pre-approved for, and soon you’ll be on the road to rebuilding your credit.
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.

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