Getting A New Car Loan After Filing For Bankruptcy
After filing for bankruptcy, it can be tough to begin the process of moving on with your life. If your job requires a lengthy commute, it may be difficult to find an auto loan for the vehicle you so desperately need. Fortunately, there are some things that you can do to help get the funding for a new car, even after filing for chapter 13. Here are some tips for finding a new car loan after filing for bankruptcy.
Find a lender and trustee
The first step that you should take when attempting to secure an auto loan following bankruptcy is to find a qualified lender that will offer you funding, as well as the support and approval of your trustee. For chapter 13 cases, it is possible to incur debt while going through bankruptcy proceedings. After explaining your situation to a bankruptcy trustee, they should recognize your need for a car and will help to find a lender that will give you the money you need.
Securing an auto loan is likely going to be the toughest part of getting a new car, so take the time to find a lender that will work with you to get the money required to purchase a new ride. If you are unable to find a lender that will help you find the funds for your new vehicle, check to see if a credit union will offer you a loan. You can also see if your work will allow you to take out a loan against your 401(k) plan.
Loan first, shopping later
Make sure to secure a loan first before heading over to the car dealership to avoid any unnecessary headaches. It is wise to call the car dealership first and ask if they work with subprime credit. Explain your situation to the dealership’s finance department and see if they can help you find a vehicle that works for you and your financial situation.
It is possible to secure a loan for a new car after filing for bankruptcy. With a little effort, you can get the funding for the vehicle you desperately need. For more information on chapter 13 bankruptcy in Las Vegas, contact DeLuca and Associates today.
Photo by Seemann
