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Bankruptcy Auto Loans

Can I get an auto loan even if I filed for bankrupcty?

Even if you have filed bankruptcy, it is still possible to get financing for a vehicle. Many banks, lenders and finance companies specialize in helping people with credit issues, including bankrupties, get an auto loan. While there may be additional documentation and verification required, qualifying is not all that much different from normal loan standards. But it will take a little longer.

Most lenders today do not rely solely on your credit score to make a lending decision. They evaluate a lot of financial criteria as a part of their process, like:

  • Income level
  • Length of time on your job
  • Length of time at your residence
  • Whether or not you are a homeowner
  • Your debt-to-income ratio
  • Whether or not you have money for a down payment
  • Your previous auto loan history
  • Whether an application is joint or individual
  • The type of bankruptcy you filed
  • Whether your bankruptcy has been discharged
  • If you have reestablished any credit since your bankruptcy
  • Your current credit score

  • What does it take to get a bankruptcy auto loan?

    Knowing what to expect and being prepared for the loan qualification process will make things much easier and less stressful. Any potential bankruptcy lender is going to require stringent verification and documentation. No matter how good of a person you are, the bank is basically loaning $10,000.00 or more to a complete stranger, so they will want to minimize their risk as much as possible. Typically you will need to provide the following:

  • Proof of Income
    The most recent 30 days of pay check stubs showing taxes being taken out and year-to-date income. These need to match the income that you claimed on your loan auto loan application.
  • Proof of Residence
    A recent utility bill showing your name and current address. Gas, electric, sewer, water or cable bills are preferred. Whatever utility bill you use should be current, with no past due amount.
  • Proof of Phone
    A recent phone bill showing your name and current address. Cell phone bills are normally acceptable.This should also be current with no past due amount.
  • Proof of Drivers License
    A copy of your current valid drivers license. Typically you will need to be licensed in the State that you live in. A valid, in-state drivers license is required for most bad credit auto loans.
  • Proof of Auto Insurance
    A current insurance card or declarations page from your current insurance policy (if you currently have a vehicle). Shop auto insurance quotes HERE.
  • Mortgage Verification
    Your most recent mortgage statement (if you are a homeowner) showing that your mortgage is current. Most auto lenders will not approve anyone that is past due on their mortgage.
  • Auto Loan Verification
    Your most recent auto loan statement (if you have an auto loan) showing that your auto loan is current. Some auto lenders will not approve you if you are past due on your existing auto loan.
  • Chapter 7 Bankruptcy Status
    Proof that your bankruptcy has been discharged or that you have had your 341 creditor meeting.
  • Chapter 13 Bankruptcy Status
    Proof that your bankruptcy plan has been completed or a letter of permission to purchase from your bankruptcy trustee.
  • Self-Employed / 1099 Employee Income Verification
    Your last 2 years of filed federal tax returns, your last 3 months bank statements and any recent 1099 forms. The process for self-employed or 1099 employees can take longer.

  • You will not necessarily need to have this information before you apply for an auto loan, but any lender that approves you will require copies before they will disperse the proceeds of your loan, and before you can take delivery of your vehicle.

    A little preparation along with a little patience, and before you know it you have the bankruptcy auto loan that you need to get your next vehicle. But you have to start the wheels rolling, so...

    Get started NOW!

    Complete our FREE, SECURE, No-Obligation Bad Credit Auto Loan Quote to get your bankruptcy auto loan. Let our extensive network of bankruptcy and bad credit auto lenders and dealerships do the work for you. Get pre-approved for the Auto Loan you need NOW.


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