If you’ve gone through bankruptcy or are having trouble with your credit history, you may still be able to get Chevrolet financing. James Martin Chevrolet is one of the car dealerships that work with bankruptcies, so talk to our team to find out how you can get financing today.
Chapter 7 Bankruptcies
Chapter 7 bankruptcies are designed for people who need to alleviate their qualifying debts and start over from a blank slate. This may include selling any assets you currently own, such as a vehicle, although you may be able to get an exception depending on your situation. You should typically wait until after a Chapter 7 bankruptcy is finalized before you apply for a new car loan.
Chapter 13 Bankruptcies
Chapter 13 bankruptcies allow you to set up a payment plan for your existing debts. You can ask a court for permission to start a new loan while a Chapter 13 bankruptcy is still moving through the courts, unlike a Chapter 7 bankruptcy. After the process is completed, you do not need the court’s permission.
Credit Score
If bankruptcy has damaged your credit history, the good news is that you can still apply to get an auto loan with us at James Martin Chevrolet. Our Bankruptcy Auto Loan Division is here to support you and help you re-establish your credit. In fact, a new car loan can be a great way to start building your credit up again. When reported to credit bureaus, your new loan may increase your score by as much as 100 points.
Ways to Increase Your Approval Odds
While getting approved for financing after filing for bankruptcy can be difficult, it isn’t impossible. Here are some steps you can take to improve your chances of getting approved:
- Get a co-signer
- Build your credit score
- Make a larger down payment
Find Your Next Chevrolet Car at James Martin Chevrolet
Even after a bankruptcy, it’s still possible to get financing for a new Chevrolet car. Visit us at James Martin Chevrolet and talk to our financial team to learn more about our Bankruptcy Loan Division, then take one of our cars out for a test drive today!
