Regardless of your past credit history, there is a lender that will work with you to get the car loan that you need. Bad credit doesn't have to hold you back from getting dependable transportation.
Bankruptcy. Millions of Americans have filed for bankruptcy over the last decade and lenders who once saw bankruptcy as a horrible mark on a credit report are now adapting.
Chapter 13 bankruptcies that require repayment of debt over time, usually with a minimum of 3 years, often can show responsibility and some level of payment history depending on the circumstances of your case. Dismissed CH 13 BK cases are more harshly looked upon. There are lenders that will give you a bad credit car loan, even with a dismissed 13 case. However, as you are able to refile a CH 13 at any time, lenders are a little more leary of lending money to people that are fresh out of a CH 13 unless it can be shown that they are financially stable now.
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Chapter 7 Bankruptcies, which are more common than CH 13 BK, are looked upon with less criticism. If you were able to keep your vehicle or home (assuming debt) with a Chapter 7, creditors will not frown upon this as harshly. Subprime lenders understand that credit cards are so easily obtained at a young age and it's common for them to get out of hand. Credit card debt is second only to medical bills as the most common cause for CH 7 BK filings. As you cannot declare CH 7 but every 7 years, if you are fresh out of a CH 7 discharge, lenders feel more secure in lending you money for a secure loan, such as a car.
The easiest way to get a bad credit car loan for people after bankruptcy is to use a lending service that allows you to compare offers from multiple bad credit auto financing companies, at once.
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