There are a few purchases that are either going to bring a smile to your face or are going to make you cling to your wallet and shake your head. A used car purchase will be one of those things and you should definitely strive towards the first over the second but can be difficult to make happen if you need bankruptcy auto loans. One of the biggest questions that people ask after they have gone through a bankruptcy is will they be able to get an auto loan.

It will be drastically far from easy, but in certain situations it will be something that is possible to take care of. Now if the bankruptcy has already been discharged it will be a pretty easy process to take care of and you will just need to bring in a copy of the discharge paper. If you need to get a vehicle before it is closed though that is when it is going to be situational.

Am I Right for During Bankruptcy Auto Loans

Before you know if you are right for during bankruptcy used car loans you will need to be sure that you know the differences between the kinds. First off there will be either chapter 7 or chapter 13 bankruptcy out there.

Chapter 7 bankruptcy is going to involve all of your assets being liquidated and distributing any proceeds to the unsecured creditors. It will usually take just a few months to complete and can only be done once every 8 years.

Chapter 13 on the other hand will involve setting up a payment schedule in which you must follow. This will take much longer and will be roughly 3 to 5 years before you are able to move on from it.

Which Will Get Me The Loan

Now if you are dealing with chapter 7 you are most likely not going to be able to get approved for an auto loan. With the involvement of the short time frame and all of your assets being liquidated it tends to be a big hassle and it is simply better to reassess the situation after your bankruptcy has been discharged.

If you are going to be working with chapter 13 bankruptcies it can certainly be hard to have to wait 3 to 5 years to get an auto loan. It is definitely not going to be an easy process because there will many hoops you will have to jump through, but all that matters in the end is that you are able to get financed for the bad credit used auto loan. The different requirements and standards are not going to make getting an auto loan with bankruptcy very easy, but at the end of the day it should be comforting to at least know that it is possible and FundingWay.com will do all that we can to help place you with the dealer that is most likely to approve you for financing in any situation.