Bankruptcy Auto Financing Frequently Asked Questions

1. Can I finance a car while I am in bankruptcy? - Yes. Auto Credit Solutions works with financing programs for customers with open or discharged Chapter 7 and Chapter 13 bankruptcies. Your bankruptcy does not automatically prevent you from exploring auto financing. Our finance team reviews your individual financial situation and available financing programs to determine what options may fit.
2. Can I get a car loan after Chapter 7 bankruptcy? - Yes. We work with customers who have open or discharged Chapter 7 bankruptcies. Financing is not based solely on your credit score. Depending on the program, factors such as income, employment, job stability, current financial situation and ability to repay may also be considered.
3. Can I finance a car while my Chapter 7 bankruptcy is still open? - Yes. Auto Credit Solutions works with financing programs for customers with open Chapter 7 cases, as well as customers whose Chapter 7 has already been discharged. Program requirements vary based on your individual situation and the financing program available.
4. Can I finance a car while I am in Chapter 13 bankruptcy? - Yes. Auto Credit Solutions works with customers who are actively making payments in a Chapter 13 bankruptcy. For our Chapter 13 financing programs, you must have been making your Chapter 13 payments for at least six months.
5. Do I need a trustee letter to finance a car during Chapter 13? - No. A trustee letter is not required for our Chapter 13 financing process. We work with financing programs designed specifically for customers in Chapter 13 who meet the applicable program requirements, including the six-month payment history requirement.
6. What is the difference between financing during Chapter 7 and Chapter 13? - The requirements can be different because Chapter 7 and Chapter 13 are different types of bankruptcy. With Chapter 7, we work with customers whose cases are open or discharged. With Chapter 13, our applicable financing program requires you to be actively making Chapter 13 payments for at least six months, and a trustee letter is not required for our financing process. Because every situation is different, our finance team will review your individual circumstances and available programs.
7. Do I have to wait until my bankruptcy is discharged to buy a car? - No. You do not necessarily have to wait for your bankruptcy to be discharged. Auto Credit Solutions works with financing programs for open and discharged Chapter 7 and Chapter 13 customers, subject to applicable program requirements.
8. Can I get a car loan with bad credit and a bankruptcy? - Yes. We specialize in helping customers with bankruptcy and credit challenges, including customers with low credit scores, previous repossessions and other credit issues. Your credit history is considered, but it is not necessarily the only factor used to evaluate your financing options.
9. Can I get a car loan with no credit? - Yes. We work with customers who have limited or no established credit history. This can include first-time buyers who have never financed a vehicle before. Depending on the available financing program, income, employment and ability to repay may be important factors.
10. Do you finance first-time car buyers? - Yes. We work with first-time buyers who may have little or no established credit history. Our team can help you understand the financing process, review your situation and explore vehicles and financing options that may fit your needs.
11. What is income-based auto financing? - Income-based auto financing is financing where your income and overall financial situation can play an important role in evaluating your financing options. This can be especially helpful for customers with credit challenges, limited credit history or previous financial difficulties. Your credit history is still considered, but depending on the program, lenders may also consider factors such as your income, employment, job stability and ability to repay.
12. Do you finance based on income instead of credit? - Not exactly. Your credit history and credit profile are still considered. However, credit is not necessarily the only factor used to evaluate your financing options. Depending on the financing program, your income, employment, job stability, financial situation and ability to repay may also be considered.
13. What if I have a previous repossession? - A previous repossession does not automatically mean you cannot finance another vehicle. Auto Credit Solutions works with customers who have repossession, bankruptcy and other credit challenges. Our finance team can review your current situation and available financing programs.
14. Can I finance a car with a bankruptcy and a repossession? - Yes, customers with both a bankruptcy and previous repossession can still explore financing options. Your complete financial situation will be reviewed, including your credit history, income, employment and ability to repay.
15. What kind of vehicles can I finance? - Auto Credit Solutions offers new and pre-owned cars, trucks and SUVs. Once your financing options are reviewed, our team can help you look at vehicles that fit your needs and the financing available to you.
16. How much income do I need to finance a vehicle? - Income requirements can vary depending on the financing program, vehicle and your individual financial situation. Our finance team can review your income and circumstances and determine which programs may be available.
17. What documents do I need for bankruptcy auto financing? - Documentation can vary depending on the financing program. You may be asked to provide items such as proof of income, employment information, identification and other documents needed to verify your financial situation.
18. Will applying for auto financing hurt my credit? - Submitting an application allows our finance team to review your financing options. The effect of a credit inquiry can vary depending on the type of inquiry and your individual credit situation. Our team can explain the process before moving forward.
19. Can I trade in my current vehicle if I have bad credit or bankruptcy? - Yes. Customers with bankruptcy, bad credit, no credit or other financial challenges can still explore trade-in options. We can evaluate your current vehicle and discuss how a trade-in may fit into your next vehicle purchase.
20. Do I need good credit to finance a vehicle? - No. We specialize in helping customers who may not have traditional prime credit, including bankruptcy customers, credit-challenged customers, first-time buyers and customers with limited or no credit history.
21. Can I finance a car with no credit history? - Having little or no established credit does not necessarily mean you cannot explore financing. We work with first-time buyers and customers with limited or challenged credit and can review your income, employment and overall financial situation.
22. What if I don't know whether I qualify? - That's okay. You don't need to figure everything out before contacting us. Our finance team can review your individual situation, explain the available programs and help you understand what information is needed to move forward.
23. How do I get started with bankruptcy or credit-challenged auto financing? - You can start your application online or contact Auto Credit Solutions directly. Once we have your information, our finance team can review your situation and help you explore available financing options. We're located in Tempe, Arizona, and work with customers throughout the Phoenix metro area and across Arizona.