Chicago debtors filing a chapter 13 bankruptcy generally do so because they want to keep their personal property while paying back their debts in a structured court-ordered payment plan that works with their income. This plan is usually set for a time period of three to five years, and therefore, means some people may need to apply for new lines of credit – such as car loans – while still going through their Chicago chapter 13 bankruptcy.
Chicago Auto Loans in Open Bankruptcy
While obtaining an open bankruptcy auto loan isn’t unrealistic, there are some hoops you must jump through first before a Chicago lender will approve you. The first being getting your bk trustee and judge to sign off on an “Authorization to Incur Additional Debt”. Without this most lenders won’t even quote you an approval price and you must make an appealing argument as to why an auto loan in open chapter 13 bankruptcy is needed.
The second hoop you must jump through is finding the right lender. It’s no secret that bankruptcy can wreak havoc on your score, but that won’t shun all lenders from working with you. Here at BankruptcyAutoFinancing.com we work with a network of Chicago subprime lenders that specialize in bad credit auto loans, and can help you get approved even with less than perfect credit.
Lastly, you can expect to come across higher-than-average interest rates. While a poor credit score will affect the rate you’re offered from any lender, our lenders can offer some better deals than most “traditional” lenders. This is because they have both the tools and experience in the subprime field to get you approved for a bankruptcy auto loan at a price that fits your budget regardless of your bk status.
Online Chicago Bk Lenders
If you’re currently going through a chapter 13 bankruptcy and are in need of car financing; apply online now. You will be contacted by one of our financial experts to walk you through each step of the process and set you up with a Chicago bankruptcy lender closest to you. You could be driving away in your new car in just a few days!
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.