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I-5 Auto Credit Bankruptcy Loans are Better
We have more bankruptcy auto loan programs than our competition. Whether you have a Chapter 7 Bankruptcy or a Chapter 13 Bankruptcy, we can help. We have more bankruptcy auto loan programs that offer $0 down payment. We have more bankruptcy programs that will help you buy a car before your bankruptcy discharges. We are able to shop those different auto loan programs against each other to help you get your best loan possible.
How do $0 Down Bankruptcy Auto Loans work?
What are the typical requirements for bankruptcy auto loans?
Additionally, you need to make enough money to afford your new payment. Most of the programs are requiring $2,000-$2,500/month gross income and your debt to income ratios must be acceptable.
Vehicles that Qualify for $0 Down Bankruptcy Auto Loans
This is probably the most important section. Bankruptcy auto loan programs are designed to get you a vehicle that gets you to and from work, so that you can make your car payment on time. Typically, the lender will require that the vehicle be no more than 6 or 7-years old and have less than 65,000 miles or so.
Why do lenders dictate mileage and year of vehicle?
One way to lower the risk of the loan is to require a newer, low mile vehicle. Older vehicles have a higher chance of breaking down, which could cause you to miss work or spend money on costly repairs…both of which could result in your bankruptcy auto loan defaulting. Newer vehicles have a lower chance of breaking down, so to a lender, those vehicles set you up for success.
How much down payment is necessary when buying an older car after bankruptcy?
If you still have questions after reading this article, Contact Us so that we can help you with your bankruptcy auto loan.