How To Get Auto Loan After Bankruptcy Chapter 7 ?

Even in case you have landed in the bankruptcy court and your finances have hit the slide, it doesn’t mean that you have to put brakes on purchasing a car. Often, bankruptcy is considered to be a tactic of people, who are financially irresponsible, but unforeseen hardships like divorce and medical bills mostly drive people into the bankruptcy court.

Around 70% of people, who opt for car loans after chapter 7 and file bankruptcy, the majority of their debts are erased within a few months, but this can stay on their records for around 10 years. On the contrary, a number of people opt for the chapter 13 bankruptcy car loan with the aim of saving their assets. These people, mostly wind up paying a part or all of their debts and this process can take around five years of time. Even after completing this process, this can stay on their records for around 7 years. As chapter 13 takes so long time, so this is not unusual for people involved in it to require a new car on that period.

But even if you are facing chapter 7 or chapter 13 bankruptcy car loan, your situation must not be that grim. In case you had a great track record, repaying the previous auto loans or if your financial issues have stemmed from the uncontrollable events, you will be able to finance the vehicle through the lenders. The main key to purchase a car after bankruptcy is to shop around for auto loans, just as you would in case you don’t have the black mark on the credit report.

But the lenders would check whether you have missed one or two payments on the present auto loan and how you are getting back on the track and in case of any uncontrollable incidents like as job loss, where the finances can be affected. Besides, they will also consider your monthly expenses as well as income. In case you want to put down more money on the vehicle, minimizing the risks. People, who want to get more information about car loan with zero down payment, can pay a visit to www.autoloansforeverydriver.com.