With the economy in such bad shape there have been a lot of people looking to get Missouri auto financing after bankruptcy. At BankruptcyAutoFinancing.com we have been specializing in placing people with Missouri car dealers that work with bankruptcy clients for over 10 years, and we look forward to being able to help you start rebuilding your credit.
Bankruptcy Statistics of MO
And people need our help more now than ever. In fact, Missouri had a total of 32,517 personal bankruptcies filed in 2010 which is a high since 2005 when the BAPCPA was passed making the bankruptcy laws much stricter. These laws included a state median income level that stated if you made more than the median you were only eligible to file for a chapter 13 repayment plan bankruptcy.
The Missouri state median income in 2010 was $44,306 and with and average of over 519,000 residents unemployed, there were a lot of people able to file a chapter 7 bankruptcy and liquidate their assets into cash to repay the creditors, without having to pay out of pocket. Unfortunately, in a lot of situations this included their car, leaving them looking for auto financing after bankruptcy.
Car loans after Bankruptcy in Missouri
If you have already been discharged from bankruptcy and are looking for a vehicle it will be much easier, but you are not without options, if you have not been discharged either. Open bk auto loans are possible, but with a greater down payment and interest rate.
This is because some lenders will see an open bankruptcy as you are still currently in debt, where as being discharged means you completed the process successfully, and have taken care of all secured debt.
Apply for Missouri Bk Auto Loan
A subprime lender doesn’t just look at a bankruptcy, but also at past auto loan history. If your credit score is low, but you made good on all previous auto loan payments, they are more willing to loan to you. If you are ready to get started and see if you are pre-approved for a bk car loan, then start now by filling out our 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.