Getting Auto Financing After Chapter 7 Bankruptcy
Despite the economic times that we’re all facing now, it’s good to know that there are lending services that are helping everyday people get into car loans that otherwise would not be able to get financing.
The recent “Clunkers” program that offered government funded incentives for people to trade in aging vehicles, did not provide help to those that are not privileged with good credit.
Even with a Chapter 7 bankruptcy, instant approvals are available for people that normally wouldn’t be able to get a good deal on auto finance through typical car dealerships. This is great news for many people that need a car, but haven’t been able to get approved.
If you’ve had a Chapter 7 bankruptcy, in order to qualify for these types of lending opportunities, you have to have your bankruptcy completely discharged or dismissed by the courts. What this means is that the 341 meeting of creditors needs to be completed with no more court dates pending relating to the bankruptcy. If this has been taken care of, then you can look forward to getting a fresh start.
When you deal with some local dealerships, they simply have a hard time getting you an approval for an auto loan because they sometimes are not equipped. They may not have the lending resources in your local area that are available throughout the country for people that are in your situation. Overcoming a Chapter 7 bankruptcy can be a difficult obstacle for some car dealers to overcome.