Can I Buy A Car After Filing Bankruptcy?

Today more than ever, people may be asking the question, "Can I buy a car after filing bankruptcy?" The short answer to this question is yes; you have a good chance of getting a car after your filing and before your discharge. Every bankruptcy is unique to the individual and your car loan will be based on your personal situation.

First, don't be discouraged if you find yourself in this situation.

There are a lot of people asking the same question today and wondering if they can even buy a car again because of their bankruptcy.

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Necessity creates demand and demand creates opportunity. Many lenders are now offering sub-prime loans because of the increasing numbers of bankruptcy's everyday. There are more lenders in the market place today than ever before, you just need to locate a dealership that works with these type of lenders. That way you can get your loan and your car at the same location.

You Want To Know About These 2 Tips

Here is how to go about getting a car loan during your bankruptcy.

1. The first thing you will need to do is to obtain permission from your legal team. Your attorney files the bankruptcy papers first. Then the courts assign an estate trustee that is responsible for specific bankruptcy case. It is important to work closely with your team.

Circumstances can be different in each jurisdiction, so you will want to be sure that everything is done legally so that it doesn't disrupt your bankruptcy. In addition, this team should know your finances like the back of their hands. You will want their advice to be sure that you are able to use the car loan as the positive start a bankruptcy offers. In other words, they want to be sure you will be able to handle the payments.

The trustee and your lawyer will determine your individual need for getting a new car after filing bankruptcy. Next, they will write a letter of permission and file it with the court system along with your bankruptcy papers. This letter can then be presented to the prospective lender.

2. An auto consultant is a dealer that works for you and has your needs in mind when it comes to finding you a car and arranging your financing. They most likely will listen to your specific situation and needs instead of just trying to sell you a car today.

And, finally an auto consultant has the resources available to find you the best possible car with the best rates and terms.

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