If you had your car repossessed, and filed for bankruptcy, you may think that you'll never get another car loan again. Although repossession does make getting a post-bankruptcy auto loan more difficult, it doesn't make it impossible. Here we'll show you what you need to know.
How Repossession Affects Car Loans
Repossession often makes it difficult to get future car loans. You are seen as high risk by most lenders, especially if you have also filed bankruptcy. This means you'll have to work a little harder than most people to get an auto loan.
Unfortunately, you won't be able to walk into any bank or car dealership to buy a car. You'll have to work with dealers that accept bankruptcy clients. Although they are a little harder to find, they do exist, and are ready to help customers just like you.
One of the biggest considerations for these dealers is how long ago your vehicle was repossessed, and whether or not it was included in the bankruptcy. Repossession that was included in the bankruptcy is preferred. It will be much easier to obtain a loan in this case.
If your car was repossessed less than a year ago, and it was not included in the bankruptcy, you may have to wait a bit to apply for a loan. During this time it's important to make your payments on time. This will show that you're not at risk for defaulting on future loans.
Getting Auto Financing after Repossession
Here at BankruptcyAutoFinancing.com we can help you get auto financing after repossession. Our network of lenders has been helping people just like you for over 10 years. To see if you qualify for financing a car after bankruptcy, just fill out our simple online application.
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.