Here at BankruptcyAutoFinancing.com we are often asked about dismissed bankruptcies and discharged bankruptcies. Most people don’t know what the difference is until they have experienced it for themselves. Well, today we are here to answer the question what a dismissed bankruptcy is, and if it’s possible to get a car loan after bk dismissal.
A dismissed bankruptcy signifies an unsuccessful bankruptcy where the debtor failed to comply with his/her obligations. If you file for bankruptcy and then decide to not go through with it; it will be considered a dismissal on your credit report. This could mean having a very hard time getting a new line of credit.
Getting a Car Loan after Bankruptcy Dismissal
Anyone can apply for a car loan after bankruptcy, but being approved for that car loan depends on many things. The first being whether you were dismissed or discharged. If you were dismissed from your bankruptcy you will have a very hard time finding a lender to will approve you.
All bankrupt people pose a high risk to bankruptcy lender, but being dismissed from bankruptcy carries the highest risk there is. This means not only have you defaulted on loans in the past, but you have also defaulted on your chance to get your debts wiped out and start over. Most lenders will not take this risk.
Unfortunately, if you have been dismissed from a bankruptcy chances are you best option for getting a car will be paying cash, or having a cosigner. On a good note, this is only until the bankruptcy falls off your credit report. Once your credit has been reestablished and the bankruptcy no longer shows us, we can help you get matching with a dealership accepting clients with a bankruptcy history.
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.