Jay North Auto | One Of Springfield, Ohio’s Car Dealerships That Work With Bankruptcies

Getting approved for auto loans after filing for bankruptcy can be a lot easier said than done, which makes being in the market for a new car that much more difficult.

But all of us at Jay North Auto want you to understand that it’s by no means impossible. Although your bankruptcy filing will be shown on your credit report for about 7-10 years, our industry specialists will be able to make sure you get approved.

Filing for bankruptcy will of course provide you with that fresh financial start that’s always helpful, but there undoubtedly will be long-term implications oriented around your lower credit scores. That’s why you need to put your trust in an experienced team to help you get your next auto loan, and the reviews by our past clients speaks for themselves in terms of how we’re one of the best car dealers for bankruptcies in Springfield, Ohio!


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Our Comprehensive Guide To Bankruptcy Auto Loans

Below we’ll be going over our comprehensive guide that provides everything you need to know about bankruptcy auto loans, and what it’s like to work with car dealerships that work with bankruptcies.

The first thing you should understand is that the your credit score/history is going to be one of the most important indicators towards your financial responsibility to most lenders, but they also take in many other considerations when making these types of judgments towards auto loans.

And when it comes to individuals with bad credit who have recently filed for bankruptcy, your overall ability for an approved auto loan will largely depend on the type of bankruptcy you filed for.

We’re A Car Dealership That Works With Chapter 13 Near Springfield Ohio

There are two kinds of bankruptcy: Chapter 13 and Chapter 7, and they both have significantly different impacts on a car buyer’s ability to be approved for an auto loan.

When you file for Chapter 13 bankruptcy, the amount of money you ultimately owe will be reduced by your creditors. You’ll be making payments to a trustee that takes control over your case, and they’ll help you by portioning out your payments to your creditors.

You’ll typically be able to keep your home and assets when you undergo this type of bankruptcy, and this will affect your credit score for around seven years; however, when you file for Chapter 13 you’ll still have many options available to you in terms of taking out an auto loan.

Chapter 7 is much different in that it’s a liquidation bankruptcy, which essentially means that you won’t be paying any money back and your property/personal assets can be sold to help you with your debts. Chapter 7 will remain on your credit reports for 10 years, and it’s much more difficult to obtain an auto loan while going through an existing Chapter 7 credit lapse.

But you can rest assured that we’ll go above and beyond to makes sure that you’ll get approved no matter what type of bankruptcy you’ve filed for, and that’s what helps set us apart as one of the best car dealers for bankruptcies near Springfield, Ohio!

Getting Approved For An Auto Loan With Car Dealerships That Deal With Bankruptcies Near Springfield Ohio

Getting approved for an auto loan after filing for bankruptcy is always something that you’re going to want to leave in the hands of experienced specialists like our team, and the following are some basic steps that you can follow to help guide you through this intricate process:

1. Obtain Credit Report Copies

You may not like the idea of looking at your credit reports, but you’re going to need a thorough understanding as to what exactly your potential lenders will be seeing. This is also a good time to double-check your credit history and recognize whether or not there are any potential mistakes that could hold you back from an auto loan. If there’s any past information about auto loans, this will be of particular importance to your potential lender. If you’ve always paid your auto loan payments in the past, then this will be a good look for you even if you’ve recently filed for bankruptcy.

2. Save Up Your Finances For A Down Payment

One of the benefits of filing for bankruptcy is that it helps people out a lot in terms of improving overall cash flow. This is a new beginning for many people to help them start saving up again, and saving up for a down payment on an auto loan is a worthy investment.

Generally speaking, the more you can save up and end up spending on your down payment, the less risky you’ll appear to a lender and the more likely your auto loan will be approved.

3. Include Your Trade-In (If Applicable)

If it’s possible for you, you can always consider trading in your car when you’re in the market for getting a new one. This will always go a very long way in terms of lowering the overall amount you’d need to save up for a down payment, and it can also help you in terms of lowering your monthly payments.

4. Avoid Bad Bankruptcy Auto Loans

There are many car dealerships out there that will provide buy here pay here auto loans [insert link to buy here pay here blog] that sound great, but actually have many downsides like high interest rates that are typically unreasonable.

This is why car buyers who have filed for bankruptcy need to be cautious when they’re considering any auto loan’s contractual agreement. You should always be looking through a contract’s fine print to ensure that there are no hidden costs, and always thoroughly understand how easy it’ll be for you to afford your payments.

For the most part, loans that sound too good to be true in fact are! But when you work with a reputable car dealership like Jay North Auto, you can have peace of mind knowing that we’ll only provide you with auto loans that coincide with your unique budget!

5. Consider Refinancing Your Auto Loan

Once you’ve proven to be reliable with your monthly payments for about a year, your credit score will likely improve.

This means that you may be able to refinance your auto loan and obtain a lower interest rate, so this is something that everyone undergoing an open bankruptcy should consider as they’re initiating their car search!

Reach Out To Jay North Auto To Learn More About How We Help Car Shoppers Dealing With Bankruptcies!

Jay North Auto has been serving the Springfield, Ohio area since 1965, so we’ve helped countless individuals and families obtain a great car and auto loan while they’re going through an open bankruptcy.

There’s no doubt about it that bankruptcy auto loans can be extremely confusing, which is why you should always put your trust in the people who specialize in obtaining these types of loan approvals and do it all the time.

So always feel free to reach out to us online or call us at 937-325-3748 to get in touch with our team in Springfield, and let us know how we can support you and your efforts towards obtaining a bankruptcy auto loan!