Call Now!
Call Us 414-326-9231 608-260-7133 Text Us 414-326-4709

Life after bankruptcy: Qualifying for an auto loan

This week, our blog is devoted to the topic of “life after bankruptcy.” Yesterday, we highlighted rebuilding credit and establishing emergency savings after bankruptcy. Today’s focus will be on qualifying for an auto loan.

Many Milwaukee residents worry that they will never again be able to qualify for a home or auto loan after filing for bankruptcy. While a bankruptcy can remain on your credit report for up to 10 years, individuals who work to build their credit scores following a bankruptcy filing are often able to qualify for a home or auto loan much sooner.

Ultimately, it is up to lenders to decide when a consumer should be approved for an auto loan after filing for bankruptcy. In fact, it’s possible for a lender to approve an auto loan just days after a consumer’s Chapter 7 bankruptcy is finalized.

When it comes to a Chapter 13 bankruptcy, the loan could potentially be approved while the repayment plan is still in progress so long as the bankruptcy trustee agrees that the car is vital to the consumer’s ability to repay the debts according to the plan.

Of course, consumers can expect to pay interest rates that are higher than conventional rates when applying for an auto loan after bankruptcy, which is why many people choose to wait a while until their credit scores have improved before applying for an auto loan.

Additionally, it’s important to be on the lookout for predatory lenders who prey on consumers with poor credit. Before applying for a loan, it’s important to conduct research on the lender to make sure that they are in good standing and can be trusted.

Please check back tomorrow for information on qualifying for a home loan after a Chapter 7 or Chapter 13 bankruptcy.

Source:, “Bankruptcy timeline: Rebuilding credit,” Brigitte Yuille, June 2, 2014

No Comments

Leave a comment
Comment Information
Email Us For A Response

Free Case Evaluation

* indicates required field

Miller & Miller Law, LLC
  • VISA
  • Master Cards
  • Discover
Milwaukee Office map Madison Office map Kenosha Office map

633 W Wisconsin Ave, Suite 500
Milwaukee, WI 53203

Phone: 414-312-6581
Fax: 414-277-1303
Milwaukee Office

2810 Crossroads Drive
Suite 4001
Madison, WI 53718

Phone: 608-260-7133
Madison Office

6123 Green Bay Road
Suite 210
Kenosha, WI 53142

Phone: 262-326-1669
Kenosha Office

Appleton Office
4321 W. College Ave.
Suite 200
Appleton, WI 54914

Phone: 920-280-3838
Appleton Office

Brookfield Office
200 S. Executive Drive
Suite 101
Brookfield, WI 53005

Phone: 262-261-0665
Brookfield Office

Glendale Office
6001 N. Green Bay Avenue
Glendale, WI 53209

Phone: 414-973-8662
Glendale Office

Fax: 414-277-1303 - We also have offices in Appleton, Glendale and Brookfield to better serve you.