Posted on: 04th Jul, 2012 12:36 am
i filed for chapter 7 bankruptcy and found out that it should be discharged within 2-3 days. i have reaffirmed my car loan with honda financial services. will i be able to take out another car loan to refinance the honda? someone please guide…
Hi Amelia,
Immediately after a bankruptcy discharge, none of the lenders will be ready to refinance your car loan or any other loan. You may have to wait for 2-3 years in order to qualify for a car loan refinance.
Take care
Immediately after a bankruptcy discharge, none of the lenders will be ready to refinance your car loan or any other loan. You may have to wait for 2-3 years in order to qualify for a car loan refinance.
Take care
Hi Amelia,
I agree with Sara's opinion. As soon as you get a bankruptcy discharge, the lender won't agree to refinance the loan. As you have filed Chapter 7, you need to wait for around 4 years to get this refinance. Before that, lenders would be skeptical in giving you the loan.
Thanks
I agree with Sara's opinion. As soon as you get a bankruptcy discharge, the lender won't agree to refinance the loan. As you have filed Chapter 7, you need to wait for around 4 years to get this refinance. Before that, lenders would be skeptical in giving you the loan.
Thanks
Yes, you'll be able to refinance your car loan, but the interest rate will be very high, in the 18-21% range.
