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On-going Bankruptcy
It means that the bankruptcy process is not over. If you want to opt for an auto loan during bankruptcy, lenders will shy away from you. As you have not discharged your current legal obligations, they will not approve your loan request easily.
Discharged Bankruptcy
It means that you have paid your dues and finished the bankruptcy process successfully. Once you come out of a bankruptcy situation, you will find that there are many lenders who are ready to approve your loan request. But, remember that the interest rates will be high because of your damaged credit score. So, it is wise to go through all the paperwork and consider all the factors before signing the dotted line.
Dismissed Bankruptcy
If the bankruptcy court dismisses your case, the creditors are free to approach you for collection of their dues. If your plea is rejected by the judge, it becomes difficult for you to get an approval for the auto loan. But, all is not lost. A BHPH dealer can help you in buying a car. He will consider your job stability and income to make a decision. If you are able to support the auto loan payments, he will approve your loan request.
Don't wait for Things to happen
Do not worry if your financial situation has landed you in a bankruptcy court. It doesn't mean that you should put brakes on your car buying dream. If you have a good track record of paying loans, you stand a chance of getting an auto loan after bankruptcy. Here's how you can improve your approval chances:
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