Can I Purchase A Vehicle With Multiple Bankruptcies?

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In today's economy, it's no surprise that over one million bankruptcies were filed in 2013. Even with slow improvements, many people are still struggling to make ends meet and often face the only decision they can make. Many people have found themselves having to file more than once. Often they feel with that dark mark on their credit records, they won't be able to be financed for a vehicle. Although it is certainly not an easy process there is some light at the end of the tunnel.

What are the Two Types of Bankruptcies?

There are two types of personal bankruptcy that would require you to either liquidate all your assets to pay off your creditors or make partial repayments approved by the court. The two types of bankruptcy are:

  • Chapter 7 - You are ordered to liquidate all your assets that are owed to creditors.
  • Chapter 13 - You'll make Court approved partial repayments.
The status of your bankruptcy can also make a difference between having a better vehicle or not too. If your bankruptcies are open, it may be more difficult to be approved, depending on who you work with, and they do take more time. Because they take more time, it could mean that you have to repeat the process a few times if the vehicle you originally choose sold. A closed bankruptcy may not look the best, but our dealers will certainly be able to find the best way to get you on four wheels.

Used Better Than New

Also you may be leaning towards a new vehicle, but you will probably want to consider a used car instead. Now when we say used, we don't mean a rust bucket on wheels. Our dealers offer a large selection of vehicles in your local area that are in great condition and have a good running motor. Plus they will have a lower price because they are not new. You'll also find a wider variety available to you. Because of this, insurance costs are lower and it's much easier to be approved for a vehicle of your choice.

The First Step

The good news is that here at FundingWay we can help you with the difficult process of purchasing a vehicle with multiple bankruptcies. Make your first step our easy online application. Then we will find a local dealer that has the experience and expertise to get you into a great vehicle that you and your loved ones will appreciate and enjoy.

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Do you meet the basic qualifications?

  • At least 1 year with current employer
  • A minimum income of $1,500 per month
  • No repossesions within the last year
  • Any bankruptcies must be discharged
  • Money down may be required, but not in all cases
  • Must be a current resident of the U.S. or Canada