Obtaining a car loan poses challenges for even the buyers with perfect credit, but when you are in bankruptcy and waiting on a discharge getting financing can seem impossible. Luckily, it’s not. In fact, for those residing in Wichita, KS obtaining auto financing in bankruptcy is the exact opposite; it’s feasible, easy, and affordable.
Here at BankruptcyAutoFinancing.com we work with a network of Wichita subprime lenders that specialize in bad credit auto loan which includes both bankruptcy and repossession. Our lenders have all the tools and experience needed to give you the best chance at an approval even before you receive your discharge papers.
Wichita Open Bk Car Loan Terms
As a bankrupt individual you are considered a “high risk” to a lender and therefore the rates you are offered will be higher than a person with out a bankruptcy on their credit report. Don’t worry about striking out when you apply for bankruptcy though because even with high rates you can still get a car loan with bankruptcy on your report at an affordable monthly payment.
Because your credit rating is severely affected in bankruptcy and your rates will be high the best thing to do is to finance a used car. We know that most people want a new car because they believe they are more dependable and (usually) nicer looking, but with a bk on your report your can’t really be picky. Our Wichita, KS dealerships that accept bankruptcy clients have a plethora of late model, low mileage, reliable cars on their lots that come with a much lower price tag.
By financing a smaller amount – even with a high rate – your monthly payment will be smaller and more affordable for your budget. This will allow you to make the payments on time each month and help raise your credit score back up before you are even done with the bk process. Once your score has increased enough and you have received your discharge papers you could apply for a refinance and get a lower interest rate and a lower payment.
If you’re in the middle of a Witchita bankruptcy, whether it be chapter 7 or chapter 13, and you have found yourself in need of a vehicle, apply online today. You could be driving away in your new-to-you car within 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.