Bankruptcy Auto Loans in St. Louis are Available Now
September 16, 2015
You may be wondering if you are able to qualify and secure financing when buying a pre-owned vehicle. The answer is definitely “yes.” There are numerous options for bankruptcy auto loans in St. Louis no matter what your financial circumstances. There is even a no down payment auto loan after divorce if required.
In fact, it may be the case that you have some available income since your debts have been relieved that can be applied to a down payment. Lenders are eager to extend new credit to individuals who have filed bankruptcy. It is an excellent way to re-establish a positive credit history. Your opportunity to make a series of monthly payments on time will increase your credit score and permit you to upgrade or make a different large purchase later in time. Financing, in this case, is better than paying cash so that your credit has the ability to increase.
Depending on the type of bankruptcy you filed, there are different timetables for the best moment to buy a used car. If you filed Chapter 7 bankruptcy, you must simply have your “Notice of Discharge” from the court when you visit the dealership. On the other hand, if you filed Chapter 13 bankruptcy, it may take longer. Since this process may last several years, it can be difficult to wait to buy an auto to meet your transportation needs. By seeking permission from the bankruptcy court, you may be able to purchase a used car in the interim.
Call 5 Star Auto Plaza at (636)940-7600 to discuss bankruptcy auto loans in St. Louis. We are ready to help you today.