Can You Get a Loan After Going Bankrupt?

Posted: Saturday, February 17th, 2018

Absolutely. (You can even get a car loan if you don’t have a driver’s license!) Certain lenders specialize in working with customers with a bankruptcy in their past. If you have poor credit, follow these steps to get a great rate on a car loan:

  • If you’re currently in Chapter 13 bankruptcy, you’ll likely need to get permission from a lawyer or trustee before you take on more debt. You may need to wait until you’re out of bankruptcy before applying for a loan.
  • Try to apply the maximum amount of money you can to a down payment. Aim for at least 20% of the value of the vehicle on a newer model or 10% for an older vehicle.
  • Take a look at your credit report and make sure everything is accurate. Inaccuracies can result in higher rates.
  • Get pre-approved for credit from an independent financer like Green Light Auto Credit. Going onto the lot with financing already secured lets dealerships know you’re serious.
Green Light Auto Customer and Salesperson in front of car

Visit Green Light Auto Credit for More Information

Before you apply for a car loan at Green Light Auto Credit, be sure to learn more about the financing process:

Contact us today to get started on the auto loan application process!