I have a open chapter 13 bankruptcy , 550 credit score is there a auto loan 4 me?
Answer:
jodie is right, but for the wrong reason. I'm surprised a "finance manager" doesn't know this. Any new debt aquired after the "bar period" will not be covered by the bankruptcy, and therefore the debtor is liable.
The reason you can't get a loan is 1) you must get permission from the courts/trustee before adding taking out new debt, and 2) you are expected to place all of your disposable income into the plan. The trustee is going to ask where you got the money for a new car payment, and why you didn't report this new income.
When/if you get the permission, it's going to be difficult to find a loan. But there are places that offer them. Just call around. Where I live, there is a dealer who promises anyone a loan. But expect the interest rates to be terrible.
If you try to acquire an auto loan, unfortunately, you will have to get your credit checked...Research and find which place you would like to purchase from first with the best deal to suit your needs....One credit check is better than 5...Take care...
try ford dealership- they do their own financing. for you it is more important to start rebuilding your credit, than worry about inquiries- they will go from your credit after 90 days, your bankruptcy will stay on your credit for 10 years.
If you have an open chapter 13 you can not legally apply for a vehicle loan. The reason for that is simply a matter of law. You have agreed not to assume anymore debt and the auto loan department will not make the loan as it is noncollectable by law until your bankruptcy is dispersed by a judge.
Here are some info for you:
How to Clean Up Credit Report
http://www.debt-loan-refinance-mortgage-.
Step-by-Step Credit Repair Guide
http://www.debt-loan-refinance-mortgage-.
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