![]() ![]() They have demanding requirements and not all dealerships can meet these. If you need to finance a vehicle with a bankruptcy, you usually need to work with the right type of dealership or lender since your credit score drops. Chapter 7 will remain on your credit reports for 10 years, and it’s much more difficult to obtain an auto loan while going through an existing Chapter 7 credit lapse. At Dons Chevy Buick-GMC and Hummer we work with these loans every day and it. FREE CONSULTATION Schedule your free consultation with David Bhaerman today to see if Chapter 7 or Chapter 13 bankruptcy can help you. You’ll typically be able to keep your home and assets when you undergo this type of bankruptcy, and this will affect your credit score for around seven years however, when you file for Chapter 13 you’ll still have many options available to you in terms of taking out an auto loan.Ĭhapter 7 is much different in that it’s a liquidation bankruptcy, which essentially means that you won’t be paying any money back and your property/personal assets can be sold to help you with your debts. You’ll be making payments to a trustee that takes control over your case, and they’ll help you by portioning out your payments to your creditors. This online calculator is available for educational and informational purposes only. Were here to make sure you know exactly what to expect, the types of dealers you could be working with, and how bankruptcy affects your car loan approval odds. Understanding what you could afford is the first step to being placed with a financing option. When you file for Chapter 13 bankruptcy, the amount of money you ultimately owe will be reduced by your creditors. Get A Payment Estimate Lets see what amount you could potentially qualify for by completing these four fields below. ![]() There are two kinds of bankruptcy: Chapter 13 and Chapter 7, and they both have significantly different impacts on a car buyer’s ability to be approved for an auto loan. ![]()
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