How Do You Finance Vehicle Payments After Bankruptcy?
Filing bankruptcy can damage a person’s self esteem as well as his credit history, but there is an upside. When the discharge is complete, you have a devastated credit score, but you have no debt either. Provided you are working and receive reasonable income, there are lenders who feel that the risks your bankruptcy filing and resulting low credit score present are acceptable given that a new loan will be your only debt obligation. That makes buying a car following a bankruptcy discharge not only possible, but relatively easy. Be very upfront about your situation to potential lenders or auto dealerships. Try cold calling dealers in your area and asking them if they have a financing program or division that deals with bankruptcy customers. Always get a firm “yes” or “no” before you allow anyone to inquire about your credit. Begin searching for the right car loan in as little as three or four months after your discharge. It may take some time to find just the right loan, so begin early a
