What to Know about Bankruptcy Auto Loans in Everett
March 21, 2016
If you have filed Chapter 7 or Chapter 13 bankruptcy in the past 7 years, know that it will be challenging to secure financing for a major purchase like a home or car. However, it is definitely possible. Bankruptcy auto loans in Everett are available but you cannot just go anywhere since you are considered very high risk for a lender.
Most auto dealerships extend financing to those who have filed bankruptcy, with special requirements that must be fulfilled:
- You must meet a monthly minimum income standard (the average is about $1500.00 per month).
- Employment at the same business for at least 1 year is typical.
- Being a United States resident (although not necessarily a citizen) is common.
- Be prepared to front a larger down payment than is usually necessary for someone with average or above average credit.
- You may not have had a vehicle repossession within the last year (unless it was included in your bankruptcy).
Financing a pre-owned vehicle, whether it is a Chrysler or one of the numerous used Buick cars for sale does not have to be complicated but it pays to be prepared in advance. It is also a great way to rebuild your credit in a positive way with timely monthly payments.
Speak with a professional sales staff member at Fresh Start Approval to learn how we can help you with bankruptcy auto loans in Everett or call us today with your questions at (888)348-3290. We have a large inventory of vehicles for every price range and in every make and model.