Posted on: 11th Jul, 2012 01:40 am
i was wondering whether i can buy a vehicle immediately after a chapter 13 bankruptcy discharge. right now we're waiting to get our bankruptcy discharge. will i face any problems in getting an auto loan? any input is appreciated.
Hi Sandra,
You cannot buy a vehicle immediately after a bankruptcy discharge. None of the lender will be ready to offer you a loan so soon. You will have to wait for at least 2 years to get a car loan.
Take care
You cannot buy a vehicle immediately after a bankruptcy discharge. None of the lender will be ready to offer you a loan so soon. You will have to wait for at least 2 years to get a car loan.
Take care
I am sure you must have a good credit score to get loan. Any of the loan vendors can reject your application of you have bad credit score.
"Planning for car during 13 bankruptcy then first of all you have to get the permission of the trustee.
Somehow manage to collect the sufficient amount for your vehicle or find a dealer who will extend financing your monthly payments then you can own your vehicle.
Thinking to go to bank after bankruptcy discharge, for auto loan you have to pay higher (15-20%) than the average rate.
Right now best available option for you may be to get a used vehicle that you can pay for in cash. This will benefits you to get a auto loan at normal interest rate within 2-3 years of your bankruptcy being discharged."
Somehow manage to collect the sufficient amount for your vehicle or find a dealer who will extend financing your monthly payments then you can own your vehicle.
Thinking to go to bank after bankruptcy discharge, for auto loan you have to pay higher (15-20%) than the average rate.
Right now best available option for you may be to get a used vehicle that you can pay for in cash. This will benefits you to get a auto loan at normal interest rate within 2-3 years of your bankruptcy being discharged."