Buying a used car in open bankruptcy can often be more of a chore than a pleasurable experience, but there are ways to make it easier. You can finance a car in open bankruptcy, if you are willing to look beyond traditional lenders. Here at BankruptcyAutoFinancing.com, we help you get a used car loan quickly and easily.
Requirements for Open Bankruptcy Car Loans
Before you can buy a used car during open bankruptcy, you are required to contact your trustee and tell them why you need a loan. If they agree with you, your trustee will give you a written Authorization to Incur Debt, which explains your maximum allowable payment, and that the new loan is not included in the bankruptcy. Once you have that document, you can find a lender who will work with your credit situation.
Most lenders require that you have at least one year with your current employer, and have a minimum monthly income, in order to qualify for open bankruptcy auto financing. You will probably also need to have some money available for a down payment, with more money down lowering your interest rate. Unless you have the cash on hand, you will have to purchase a pre-owned vehicle from a car dealer rather than a private seller.
Getting the Financing You Need
Online lenders, such as BankruptcyAutoFinancing.com, can help you get the financing you need, with less frustration than driving around town applying for loans. Our network of lenders specializes in helping people who need to finance a car in open bankruptcy. Simply fill out our easy online application to get the process started.
Once your application is pre-approved, we will match you with a dealer in your area who can get you into the pre-owned vehicle that you need. Within just a few days, you can be driving around town in a new-to-you car, truck or SUV. We promise to make buying a used car in open bankruptcy will feel less like a chore, and easier than you ever thought possible!
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.