Posted on: 12th Jun, 2012 01:49 am
My friend has a car on which he owns more than it's worth. He is facing engine issues. If he includes that car in the bankruptcy Chapter 7 and gets rid of it, would he be able to get an auto loan right after the bankruptcy?
Hi Shovent!
Welcome to forums!
After a bankruptcy filing, your friend won't be able to qualify for an auto loan immediately. He will have to wait for 3-4 years in order to qualify for the loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
After a bankruptcy filing, your friend won't be able to qualify for an auto loan immediately. He will have to wait for 3-4 years in order to qualify for the loan.
Feel free to ask if you've further queries.
Sussane
Hello...You will not get the prime interest rates, but there are many lenders who will give you a loan out of BK, but just like the mortgage market, auto market has tightened up how they extend credit. You will have to have a stable, verifiable job, and income that can be documented. Many lenders will give you a loan 1 day out of Disharged BK. Good luck.
As chrisgummerson mention you have to qualify for the another mortgage loan after bankruptcy such as better job, stable income and legal document of it which help you to provide loan easily.