Chapter 7 Auto Financing


Get An Auto Loan After a Chapter 7 Bankruptcy

I-5 Auto Credit has several auto loan programs designed to help people buy a car with both open and discharged Chapter 7 Bankruptcies.

Many of our Chapter 7 Auto Loan programs do not require any down payment, assuming you meet the other qualifications.
Why get an auto loan after a Chapter 7 Bankruptcy?
There are actually several reasons to consider buying a car after your Chapter 7:

1. Rebuild your credit.

You need to think about the big picture. Do you want to buy a home in the future? Could a prospective employer want to look at your credit before hiring you? What about a potential landlord? No matter how you look at it, credit is everywhere. The sooner you reestablish your credit with a major installment loan, the sooner you can put the bankruptcy behind you and Get cheap auto insurance quotes for your vehicle.

2. Reliable transportation.

Most bankruptcy auto loan programs are designed to help people buy what the lender determines is "reliable" transportation. The lender's definition of reliable may be different than yours. Here are the basics: Low miles, Recent model year, No "gray market" vehicles (Daewoo is an example of a gray market car).

3. Affordable Monthly Payment.

The last thing a lender wants to see you do after a bankruptcy is get in over your head. Typically, the payment you will be approved for is very conservative based on your Debt-to-Income ratio. We have had customers in the past that would rather keep the $700 payment they had on their Lexus than get a vehicle with lower miles for $350 per month. Everyone has to make their own decision, but try to think about it logically instead of emotionally.

4. Typically Low Down Payment.

If you just went through a bankruptcy, there is a good chance that your bank account is lighter than it used to be. Most of our bankruptcy programs understand. That is why our main bankruptcy programs do not required large down payments. Often, nothing down.

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Introduction
As a valued customer, we want to ensure your private information is kept private and only shared with those companies who are authorized either by yourself or as allowed or required by law. This document explains our privacy policy, gives you reasons why we ask for the type of information we do, and if we do reserve a right to share information with non-affiliated third parties, lets you "opt-out" of our reservation to do so. Please take a moment to read this entire policy.

Collection of Information
The purchase of a motor vehicle requires considerable accumulation of nonpublic personal information. For example, if we sell or lease you a vehicle - extending you credit at your request - we will receive information from you in order to determine your creditworthiness. We may also obtain information from a credit-reporting agency. We may also obtain information from third parties such as employers, references and insurance companies.

Some of the information we obtain from you may be required by state of federal agencies, such as the Department of Motor Vehicles or the Internal Revenue Service. This information may be required even if you were to pay cash for your vehicle. Examples would be a driver's license or social security number.

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I am interested in purchasing or leasing a vehicle and request that my Consumer Credit Report be obtained, at no cost to me, in order to help determine the types and extent of financing which may be available to me.
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