Posted on: 09th Jan, 2013 11:42 pm
My Bankruptcy chapter 13 will get discharged in February, 2013. I am glad. But I heard that it might take some time for the trustee and the court to complete the required paperwork that follows. Now I want to buy a car immediately after the discharge. Will I be able to do so?
Hi Guest,
It might get difficult for you to qualify for a car loan immediately after you receive a discharge from your bankruptcy filing. You may have to wait 1-2 years in order to get qualified for a vehicle loan.
Thanks,
Jerry
It might get difficult for you to qualify for a car loan immediately after you receive a discharge from your bankruptcy filing. You may have to wait 1-2 years in order to get qualified for a vehicle loan.
Thanks,
Jerry
Hi Guest,
I agree with what Jerry has said. It will be quite difficult for you to immediately get a car loan. A bankruptcy filing will have a negative impact on your credit scores. You should improve your credit first and then look out for a loan. To know some tips to improve your credit score, you can check out the given page: http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks
I agree with what Jerry has said. It will be quite difficult for you to immediately get a car loan. A bankruptcy filing will have a negative impact on your credit scores. You should improve your credit first and then look out for a loan. To know some tips to improve your credit score, you can check out the given page: http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks
bankruptcy has negative effects on your chance to get approved for a new loan. after chapter 13 bankruptcy discharge, you will have to wait at least 1-2 years to get approved for a new loan.
Yes, you'll be able to do so, as long as the bankruptcy was discharged. You'll receive a lot of offers in the mail after the discharge, all offering you credit.
Did you reestablish your credit while in the chapter 13? If you did, you'll have a wonderful FICO score, and will be eligible for lower interest rates and loan fees. After I was in my chapter 13 for 24 months, my mid FICO score was 685, and I didn't have any problems getting reasonable credit. And it didn't take that long for the Trustee to do the paperwork either. I received the formal discharge as soon as the last creditor was repaid.
Did you reestablish your credit while in the chapter 13? If you did, you'll have a wonderful FICO score, and will be eligible for lower interest rates and loan fees. After I was in my chapter 13 for 24 months, my mid FICO score was 685, and I didn't have any problems getting reasonable credit. And it didn't take that long for the Trustee to do the paperwork either. I received the formal discharge as soon as the last creditor was repaid.
