When filing bankrupt chapter 7 how soon would i be able to get a car loan if needed?
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Depending on how you treated creditors in the bankruptcy and depending on the creditor that may finance your car, you could get a car loan pretty quickly after filing. However, be prepared to pay a higher interest rate either way.
If you just "walked away" from a lot of debt in the bankruptcy and didn't pay, then most creditors will frown on that. My bank will not consider a loan if you filed bankruptcy unless you secure it with liquid collateral such as a CD or Savings account.
However, a lot of creditors will look at the fact that you removed a lot of debt that may have been bogging you down and your debt to income ratio has improved. Those creditors will consider doing the loan but will probably finance a lower amount and at a higher rate than you may have received before you filed.
Every situation is different and a reputable creditor will look at all the variables involved--unless they have a strict policy on bankruptcies like my bank. Hope this helps. Good luck.
When filing bankrupt chapter 7 how soon would i be able to get a car loan if needed?1 day discharged. --- but the rate will be very high
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