If you are looking for help in getting an auto loan while in Chapter 13 this is the article for you. Getting an auto loan while in Chapter 13 will require a little extra effort on your part but the good news is that it may be possible depending on your circumstances.
Let's begin by explaining how Chapter 13 bankruptcy works. When you file chapter 13 you will be working with an attorney that will help you restructure your debts. In addition the court will assign an estate trustee that will work along with your attorney. Now you will have a team working with you.
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Chapter 13 will consolidate your debts allowing you to better pay off the money that you owe. The attorney will work with your creditors to lower interest rates if possible, remove excessive late payments and assist in any other way they can to help reduce what you owe the creditors.
Chapter 13 means that you are agreeing to pay down these debts over a 3 to 5 year period. In most cases you will be paying your normal monthly payment plus an additional amount to help you get back on top of your financial obligations. With this type of bankruptcy you are able to keep most of your major purchases such as a house and vehicles.
However, if you find the need for a new vehicle you may find yourself getting an auto loan while in Chapter 13. In order to do this you will need to prove the absolute necessity and the ability to pay the loan back.
This is where your trustee will come into play. You will present your situation of needing a new vehicle to the trustee. He or she will look over all the figures and help you determine whether or not this is a real possibility. The trustee has your best interest in mind and wants to be sure that you will be able to make the monthly payments in a timely manner. Also, because you and your team have made a promise to your other creditors through the court system, the trustee wants to be sure that you can keep up your end of the bargain through the Chapter 13 filing.
If and when the trustee is convince that you are in serious need of a vehicle and will be able to make the payments on the loan, he can write a letter of permission. This letter of permission will be presented to the judge and placed in your records.
The other party who will need this letter of permission from your trustee is the prospective lender. With this letter, you are now able to search for a dealership that offers subprime loans for getting an auto loan while in Chapter 13.
One final suggestion is to check into auto consultants in your area for this type of financing. Some dealerships offer this and a consultant will work closely with you and give you the service you deserve and need.
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