When you need to finance a car purchase with a bankruptcy car loan, it is important to pay attention to the timing of when you apply for the loan.
If you haven’t yet declared bankruptcy but are about to, you should wait until after you have filed your bankruptcy before applying for bankruptcy car loan. When you’re about to file for bankruptcy, many lenders will see your heavy debt load and will likely to reject your loan application. But you’re also not yet eligible for a bankruptcy car loan until after you’ve filed your bankruptcy. That’s why waiting to apply for the loan until after you file for bankruptcy makes the most sense.
The lenders who specialize in bankruptcy car loans want to see you’re on the path to making a fresh start, which is what filing for bankruptcy does for you. Once your case has been filed and is in the process of moving forward, that’s when bankruptcy lenders can start working with you.
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At Day One Credit we are experts at finding the best possible bankruptcy car loans in order to help our customers purchase high-quality used cars. We are not lawyers, we do not give legal advice, and nothing we say should be taken as legal advice. Your first step in anything related to bankruptcy should always be seeking the advice and counsel of a qualified bankruptcy attorney.