Are you living in Texas with a bankruptcy on your credit and looking to purchase a car? Don’t stress anymore! Even having a bankruptcy on your credit won’t outright stop you from getting an auto loan! If you have been discharged from bankruptcy then lenders will be more willing to approve you for a loan, but even if you are in an open bk and need an auto loan as long as you have a motion to incur debt and need a car loan in Texas then we can help you.
Texas Bankruptcies are Decreasing
There were more than 48,000 people in 2011 alone that filed for bankruptcy in TX. That seems like a lot, but compared to the 54,000 that filed in 2010, it’s actually not. Over the last two years the numbers have been dropping dramatically because the economy is starting to look up!
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According to the U.S. Bureau of Labor Statistics, the unemployment rate is down to 6.58% so far in 2012 compared to a high of 8.2% in 2010. Now that people are back to work, and making an average household income of $48,259 they are not having to face filing for bankruptcy.
Getting a Bankruptcy Auto Loan in Texas
But how to help those whom already filed? Getting an auto loan following bankruptcy is easier when using special finance lenders, like the ones we work with. Once you have a bankruptcy on your credit report, whether it is discharged or open, you are considered a high risk borrower. Most lenders will not want to take a chance of you not being able to make the payments and defaulting on the loan.
However, many Texas lenders specialize in bad credit auto loans. Yes, they will charge a higher interest rate and may require a down payment, but they are your best bet to get that used car after bankruptcy that you have had your eye on. See if you are pre-approved by filling out our online application today!
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.