Have you filed Chapter 7 Bankruptcy? We can help you get a loan!
Rochester Car Credit has many loan programs that help people buy a car with open and/or discharged Chapter 7 Bankruptcies. We even have Chapter 7 loan programs that require NO down payment (must meet qualifications.)
Worried you can't get a loan after filing Chapter 7 Bankruptcy? Don't be! There are several reasons to consider buying a car after your Chapter 7 filing:
Rebuild your credit
You need to look past your Chapter 7 filing. Would you like to own a home in future? Will a future employer look at your credit? Credit is everywhere. The sooner you rebuild your credit with a major installment loan, the sooner you can put your bankruptcy behind you and get cheaper insurance for your vehicle.
Reliable transportation is important.
Most bankruptcy auto loan programs are designed to help people buy what the lender sees as "reliable" transportation. The lender's definition of reliable may be different than yours. Here is what lenders are looking for: Low miles & No "gray market" vehicles.
Low Down Payment
If you just went through a bankruptcy, there is a good chance that you are low on funds. We have bankruptcy programs that understand! That is why our main programs do not require large down payments. Often, no down payment at all is required.
Lenders do not want to see you get in over your head. The payment you will be approved for is very conservative based on your Debt-to-Income ratio. We've encountered customers in the past that would rather keep the $700 payment they had on their expensive vehicle rather than get a vehicle with lower miles for $350/month. Everyone has to make the decision but try to think about it logically instead of emotionally. Do what is right for your finances.
Tom Kadlec Kia
Rochester, MN 55901
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