Many people that have gone through a Chapter 7 or Chapter 13 filing, wonder how to get approved for an auto loan with bad credit. After a bankruptcy, it is common that many lenders will not allow you any credit for some time. It is unfortunate that many bankruptcy attorneys do not explain this in detail when consulting you about whether or not you should file for bankruptcy.
It is fortunate however, that there are auto loan companies that are willing to help you rebuild your credit after bankruptcy. You will find that it is impossible to obtain a prime interest rate of 4%, although reasonable terms can be obtained through reputable loan companies. There are legitimate sources that you can use as a resource to help you with an auto loan after bankruptcy.
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Remember, if you have a discharge bankruptcy then depending on the type that you filed, you are not able to refile for seven years. Some lenders look at this as being a good thing because they have seven years to play with before you can get out of being responsible for the debt.
One thing to consider is that if you have a repossessions on your credit report it needs to either have been included in the bankruptcy, or it needs to be a year old. So if you're repossession is within the last year, it needs to have been a part of the bankruptcy and not something separate.
You will find that there are some really good options available to you when you explore the possibilities of using an online lending service to obtain an auto loan after bankruptcy.
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