We have the best bankruptcy auto loan programs than anyone in Minnesota. We have many bankruptcy auto loan programs that offer $0 down payment. Whether you have a Chapter 7 Bankruptcy or a Chapter 13 Bankruptcy, we can help. We have bankruptcy programs that will help you buy a car before your bankruptcy discharges.

How do $0 Bankruptcy Auto Loans work?

The $0 down Bankruptcy Auto Loans are by far our most popular bankruptcy programs. If you have just filed for bankruptcy, you more than likely do not have $3,000 or $4,000 to use towards a new vehicle. Our bankruptcy loans are designed to help you buy a vehicle and start rebuilding your credit.

What are the general requirements for Bankruptcy Auto Loans?

Most of the $0 down programs like customers to have some good credit in the past, preferably an auto loan that was paid as agreed for at least a year. If you had that auto loan for a long time, then put it in your bankruptcy, you may still qualify.

Also, you need to earn enough money to afford your new payment. Most programs are requiring $2,000-$2,500/month gross income and your debt to income ratios must be acceptable.

Vehicles that Qualify for $0 Down Bankruptcy Auto Loans

Bankruptcy auto loan programs are designed to get you a vehicle that gets you to and from work, so that you can make your car payment on time. Typically, the lender will require that the vehicle be no more than 6 or 7-years old and have less than 65,000 miles average.

Why do lender's dictate mileage and year of vehicle?

It's all about Risk. Bankruptcy Auto Loans are a risk to the lender. They don't know if you are going to pay an installment loan after your bankruptcy. $0 down loans are VERY high risk. You are not invested in the vehicle and the lender is not in an equity position. If you repossessed the car, the lender would lose a lot of money.

One way to lower the risk is to require a newer, low mile vehicle. Older vehicles are more likely to break down, which could cause you to miss work or spend money on costly repairs. Both of which could result in your loan defaulting. Newer vehicles have a lower chance of breaking down, so to a lender, those vehicles set you up for success.

How much of a down payment is required when buying an older car after bankruptcy?

It can vary. How old is the car? How many miles? How expensive? Even the make and model can affect how much down payment the lender will need to put the loan together. There is no set amount, or percentage down payment required.

Tom Kadlec Kia  

4444 Hwy 52
Rochester, MN 55901
Phone (866)333-5133


Monday:9:00 AM - 7:00 PM
Tuesday:9:00 AM - 7:00 PM
Wednesday:9:00 AM - 7:00 PM
Thursday:9:00 AM - 7:00 PM
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Saturday:9:00 AM - 5:00 PM