Getting an auto loan is never easy, but, if you are in Chapter 13, it can be even more difficult. A person who is actively going through Chapter 13 must prove the absolute necessity of an auto loan during bankruptcy and the ability to pay the loan back. You will need the help of your…
Your Source for Auto Loans after Bankruptcy
5 Tips For Rebuilding Credit After Bankruptcy
As you are going through the bankruptcy process, you hope that there will be light at the end of the tunnel, only to emerge into a a dark abyss where it is hard to secure new lines of credit. You need that new credit in order to start over and become a successful credit partner….
Your Options: Auto Loans And Bankruptcy
Unfortunately, bankruptcy has become a reality for many people who never dreamed they would have to ask for one. When you file for bankruptcy, you have several options for dealing with your auto loans. Here are those options and a brief explanation of each. The first option is really for the protection of lenders. If…
Good News For People With Bad Credit
The major credit reporting agencies have released numbers showing that Americans are paying down their debt, making more on time payments, and that credit scores are rising slowly. Additionally, banks are becoming more willing to make bad credit auto loans. Each quarter TransUnion releases a risk index for loans in a given region and across…
Better Funding For Buyers with Bankruptcy?
There is a new partnership in the subprime auto finance sector which promises to help buyers with bankruptcy, as well as the dealers who cater to them. Prestige Financial Services funds subprime and post-bankruptcy auto loans through partnered dealerships in 15 states, with plans to expand into 7 additional states in the near future (including…
Bankruptcies Decrease in The Southern States
In July, the overall volume of bankruptcy filings increased at the national level. However, the South, which typically have rates of bankruptcy per capita, enjoyed a decrease in filings. Even so, several counties in Tennessee and Georgia suffered the highest bankruptcy rates, and some of the people in these counties, such as GA’s Clayton County,…
Buying a Car during Chapter 7 Bankruptcy: The 341 Hearing
If you are in a Chapter 7 bankruptcy and need a car loan, one requirement is that you attend a “Meeting of Creditors,” also known as a “341 hearing.” The name comes from the fact that Section 341 of the Bankruptcy Code that requires it. Most lenders will not even consider a loan if the…
Your First Car Loan After Bankruptcy: The 4-Step Guide
Purchasing a new vehicle is often the first large purchase that requires a loan after bankruptcy, and therefore it’s often a challenge. Below we’ve outlined a 4 steps to guide you through the process. 1. Buy Pre-owned: New cars depreciate 20% as soon as you drive off the lot, and another 50% after the first…
Credit Unions Help Newly-Bankrupt Consumers Get a Decent Car Loan
Nearly 50% of people surveyed believed they would have to pay an interest rate of 18% or higher for an auto loan after bankruptcy, according to a consumer bankruptcy education project survey by the National Consumer Law Center. Fortunately, this is not true, and newly-bankrupt consumers do have other options. If your bankruptcy is at…
