You might not see signs or banners that proclaim Chapter 7 Bankruptcy Auto Loans for those passing by the dealership to see, but such loans do exist. Some might find this an incredulous concept since they may have been led to believe that once a person has filed for auto financing with bankruptcy, all borrowing options are no longer available. A credit rating has been destroyed forever (well, actually, bankruptcy stays on a credit score for 10 years) and any attempts to borrow are undermined. This is a false assessment.
There definitely Chapter 7 auto loans available to those in need of buying a new or used car. While such loans might not always be easy to access, they do exist. All you have to know is where to find them.
Of course, the best place to look for such loans would be on the internet. When you are seeking a specialized loan, you want to explore as many options as possible for being approved. This means you will have to expand your search. One region where you will need to expand your search would be to include online sources since they stretch far beyond any geographic area limitations.
Loans for Those in Chapter 7
For those not familiar with Chapter 7 bankruptcy, this refers to the process of liquidation bankruptcy through the court system. When debts reach such a severe level, the ability to crawl out from under the crushing debt becomes impossible. While bankruptcy can prove helpful, it cannot solve all your problems. Namely, if you need to buy a new or used car, you will have to find a lender willing to accept those in bankruptcy. Thankfully, such lenders do exist.
Such local used auto loans can be acquired with:
- Fair interest rates
- Honest terms
- Quick approval and awarding of the funds
Once the money from the loan is issued, it can then be used to buy the car that is sought after.
Searching for a Car Loan Online
It is strongly advised that anyone dealing with a recent bankruptcy look for a car loan online. The reason for this is that there likely will be more options discovered through an online search. Once you have searched online and found the best loan offer, you can then apply online. This can prove to be most beneficial since an online application can be quickly processed and, hopefully, approved quickly. Afterwards, the funds will be issued.