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If your credit is less than perfect, we can still help you get a car!
Just because you have bad credit does NOT mean you have to take whatever interest rate the dealer throws at you. If they use the wrong bank just because they can get you a fast approval, you may be paying hundreds or thousands of dollars too much in high interest rates. In today’s economic climate, there are many people who for one reason or another have not been able to meet their debt obligations on time. It does not have to be your skeleton in the closet. There ARE banks out there who specialize in making loans to clients with less than perfect credit. Pinnacle Auto Brokers knows which bank to use for your particular credit situation, and that can make a big difference in your payment. We can make sure that you are getting the very best vehicle, along with the lowest loan rates possible!
Car Loan after Bankruptcy
One of the best ways to recover from bad credit after filing bankruptcy is to get a car loan and make the payments on time. A paid-as-agreed auto loan after bankruptcy will raise your low credit score. We've helped thousands of people with Chapter 7 and Chapter 13 bankruptcies get after-bankruptcy financing. In fact, we can even help people with open bankruptcies get an auto loan to buy a car.
Financing Requirements
To qualify for a bankruptcy financing program, applicants should meet the following basic approval requirements:
• Minimum gross monthly income of $2,000.00 from one
or more sources
• Money down may be required.
• No repo in the last year unless part of a bankruptcy.
• No motorcycle or private party purchases.
• Must reside in the United States or Canada.
Let us show you how easy an auto loan after bankruptcy can be. CALL NOW or submit the “Customer Inquiry Form” on our site.
Open Bankruptcy Auto Loans
There are two types of personal bankruptcies: Chapter 7 and Chapter 13. A few years ago it was more common for people with bad credit to file a Chapter 7 (total liquidation). With a Chapter 7, all your debts are wiped clean and the process takes only a few months.
Since the new bankruptcy laws went into effect, fewer people are allowed to file Chapter 7. More people are now filing Chapter 13., which is a repayment plan that lasts between three and five years. Subsequently, many people are in an open bankruptcy when it comes time to buy a car.
Get Approval from your Trustee
To get an auto loan in an open Chapter 13 bankruptcy, you will have to do some work. There is no such thing as an instant approval or "apply today/drive today auto loan" if you are in an open Chapter 13. First you should check with your trustee or attorney and let them know that you want to buy and finance a car.
Every lender that approves people in open bankruptcies requires an Authorization to Incur Debt. This is a legal document obtained from the bankruptcy trustee. It states what your maximum allowable payment is and that the new loan will not be part of the open bankruptcy.
As long as the new car you plan on purchasing is within your budget, most trustees have no problem approving your request. We recommend that you obtain this document from the courts prior to shopping for your new car.
Office Hours:
Monday - Friday 9:00AM to 5:00PM
323 W. Cromwell Ave., Suite 120, Fresno, CA, 93711
Phone: (559) 431-5841 Fax: (559) 431-5844
All new cars arranged for sale are subject to price
and availability from the selling franchised new-car dealer.