Bankruptcy Questions And Answers When Buying A Car

After filing bankruptcy, you may have questions and need answers when buying a car. This article is going to answer some of these common questions for you.

Here are the most popular questions I get asked.

What types of people are filing bankruptcy?

With today’s economy, people from all walks of life are finding themselves with no other alternative except to file bankruptcy. Between the job losses, pay cuts and rising prices, hard times can fall on anyone. Even those who have normally been very responsible with their finances have been forced to reduce their debts through a bankruptcy.

Can people who file a bankruptcy still get a car?

Yes, there is a good possibility that one can get a new used vehicle despite the bankruptcy. Every situation is different and needs to be considered on its own. There is no one answer that fits everyone.

Where can I get a car after filing bankruptcy?

There are many dealerships or auto consultants who have special financing departments that are willing and able to get you into a reliable vehicle. Not ALL dealerships will work with those that have a bankruptcy, so you will want to seek out those that do. Many auto consultants have special departments specifically for those who require special financing. This can be an excellent source when looking for a car after bankruptcy.

What will I need to buy a car after bankruptcy?

You will need paycheck stubs for proof of income and you will need a couple of your monthly bills such as your electric and cable to prove your residency. In addition, you will need a valid state issued driver’s license and proof of current insurance. You may also be asked for references.

Can I get a quality car or will I be put in a run-down jalopy?

A quality special finance department will most likely put you in a quality used vehicle that has been safety inspected and had a Carfax report to reveal any previous damage to the vehicle. The right dealership or car broker will look for a model from 2008, 2009 and even 2010. This will help you feel confident that the car will continue to run well for you as you work to reestablish your credit by paying the payments on time.

The bankruptcy has been a humiliating experience for me, how will the salesperson treat me?

Where it is true that certain dealerships may not treat you the same as someone with perfect credit, you should not have to deal with this. If you find you are being ignored or feel judged in any way, remember that you have the choice to walk away. The dealership or auto consultant should treat you with respect and dignity. And, there are salespeople available who will show you compassion and understand your circumstances. The salesperson should understand the goal of getting you into a vehicle you can afford.

By: Mike Reitz

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