Buy a car

Bankruptcy Helps Buy a Car

Wonder if you’ll keep your car in bankruptcy? Will you ever be able to buy a car again after bankruptcy? How long will it take before I can buy one?

YES you will be able to buy a car. In fact you’ll buy one immediately after filing if you want.

How do I know?

Hi my name is·Chris and I consult for the Bankruptcy Professionals. One of the most common questions they are asked is “Can I purchasing a car after bankruptcy?”

I’ve been a sales manager in the automotive industry for 23 years. I started out in sales and eventually headed the finance and sales departments. My number one objective is to sell cars. That’s it. I make money when I sell a car. Because of this reason I’m very familiar with what the banks are looking for in a potential client.

Credit and Buying a Car

Credit is the biggest issue in the transaction. Bad credit such as slow pay, charge offs, collections etc. are all tough to get approved. This is unless a client comes up with a tremendous amount of cash as a down and willing to pay high interest rate.

However when a client comes in with a bankruptcy discharge it is very easy to get them qualified providing they have a job. They have a clean slate and the only debt they have if they do have any is their house/rent. A lot of clients are not aware of this. In fact we do heavy marketing to clients that have just filed bankruptcy by acquiring mailing lists through the courts. If you do file, soon thereafter you will start to receive junk mail from my old company and many others offering to finance a new and/or used car.

From our perspective it’s much better to have a bankruptcy on your credit and have a clean fresh start than all the late payments, liens, possible judgments and whatever else is currently on there.

Where to Finance a Car

It can be advantageous to finance a car through the dealer than an outside bank/broker. In some instances the dealer will make money on the sale of the car or have incentives to sell the car and in return can offer you a better rate, lower down payment or less strict guidelines. Also in most instances new cars have lower interest rates than used cars and longer amortization periods as well.

With the expansion of the internet many new companies have emerged that send out your information to dealerships and lenders on your behalf. You simply input your information into an online form and they send out your information to a few dealer/lenders to potentially hundreds of dealer/lenders.

Call the Bankruptcy Professionals today and you can speak directly to a debt professional. I guarantee you’ll be glad you did. Our staff knows what it is like to file bankruptcy, because we know someone close to us that has. We have been in your shoes and wanted to work with a company that we would be proud of and one we would want our friends and family to utilize.

Bankruptcy Professionals

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