When can I apply for credit to replace my car? Im in Chapter 7
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You can apply any time you like. If you are pre-discharge you will likely not find a reasonable offer. We purchased a car 3 days after our discharge and had no problem getting approved. I looked at a couple options pre-discharge but the rates were too high.Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick -
Car purchase pre discharge
Thanks for your adviceComment
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722redemption will do a pre-discharge loan. Roadloans also offered us a loan.Originally posted by nfpa30 View PostWell, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -RickComment
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It's probably not a good idea to apply for credit when you're in the middle of filing Chapter 7 bankruptcy. If you could possibly wait, it's best to wait a year or so to get a better interest rate. An auto loan is one of the easiest loans to get post-bankruptcy filing as long as the individual can stay employed. The creditors know that the auto is security for the loan and they will usually ask for a decent down payment. Typically, interest rates will also be on the high side, so an individual exiting a bankruptcy filing should be careful to not over burden themselves with more debt. As long as you can keep your credit clean, the further away from the bankruptcy filing date for better interest rates the individual will get.Comment
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