How soon can I get a new loan?
At Day One Credit, filling out our auto loan application
takes less than five minutes. And then you’ll have our answer in just minutes!
Do I have to wait until my BK is discharged?
Many bankruptcy filers think they have to wait some magical period of time before they try to get a car loan or wait until the BK is fully discharged. Not true! As soon as you file your bankruptcy and have a case number (Chapter 7) or confirmed repayment plan (Chapter 13), you can apply!
Do I have to put any money down?
While making a down payment is always a good idea if you can do it, we understand that many of our customers can’t, which is why we do not require it. We work with many lenders who have no-money-down programs.
What will be my payment?
Your monthly payment depends on factors such as the price of the vehicle, your down payment (if any), length of the loan, and the interest rate.
What will be my APR?
Your interest rate and APR vary greatly because they depend on many factors, including your credit, the vehicle’s age and condition, the length of the loan, and more. With a bankruptcy, your APR will be higher than customers with good credit. We work with many lenders and are able to secure the best rate available for your credit situation. To figure out your rate, fill out our quick finance application
and we will get back to you in minutes!
Am I going to get a better rate if my BK is discharged?
Maybe, but it depends. If you took specific actions while your BK was open (3-4 months on average for a Chapter 7, 3-5 years on average for a chapter 13) to improve your credit or save up money for a down payment, you might get a slightly better rate. But many people simply can’t wait to get the car they need, and waiting may not make much of a difference at all. We can also often offer you even better financing if your bankruptcy isn’t yet discharged.
What kind of car and amount financed I can get?
There are no restrictions on the type of car you buy, except that you have to be able to afford it! Affordability depends on your payment-to-income and debt-to-income ratios, which are what lenders look at when evaluating your application.
Can I refinance my loan and would there be any penalties?
Day One doesn’t do straight refinancing deals. Our lending programs are designed for purchasing a high-quality used car.
What is a Fresh Start Program?
Bankruptcy laws were designed to help people get out from under crushing debt loads and make a fresh start. A Fresh Start Program means a loan program designed specifically to help consumers get the credit they need even though they have filed for bankruptcy. At Day One, that means getting a car loan in spite of a bankruptcy with our specialized network of lenders.
Can you refer me to a good bankruptcy attorney?
Some of the best bankruptcy attorneys refer people to us, and we would be happy to refer you to one of them. Check out our Attorney page
to get the help you need!