Frequently Asked Questions

What is Chapter 7 Car Loan?

Why should I use Chapter 7 Car Loan?

What are the requirements?

The benefits?

Is there a minimum credit score required for a loan approval?

How do I know what interest rate I can expect?

How long does it take to get an auto loan?

What should I expect while getting an auto loan?

1. What is Chapter 7 Car Loan?

Chapter 7 Car Loan matched you with a lender or dealerships that work with bankruptcies nearby that can help you to get approved for car finance. We are dedicated to simplifying the process of matching you with a qualified second chance dealership and lenders that want to help customers with bad credit. We match you with a lender or dealership in your area that is eager to speak with you about your application.

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2. Why should I choose Chapter 7 Car Loan?

Chapter 7 Car Loan assures all approved applicants are contacted within 24 - 72 hours.

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3. What are the requirements?

• Six months of employment history
  
• Make $1800 gross monthly income (before taxes)

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4. The Benefits?

• Dealerships that have financing that can get even the worst credit scores and situations financing
• Simple Payments - A payment plan that meets your budget
• We work with you - We want to match you with the best loan to help you through this time.
• Rebuild your Credit - All credit agencies will review your loan status and if positive, increase your credit score!

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5. Is there a minimum credit score required for loan approval?

There is no minimum credit score to submit an application with Chapter 7 Car Loan. Submitted applications are matched with lenders in your area based on the lender’s subjective ranges for acceptable credit scores. Second Chance Car Financing works with many lenders who specialize in loans available to those with bankruptcies or bad credit.

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6. How do I know what interest rate I can expect?

We do not supply interest rates. Complete an online application to receive a quote from a lender or to speak with a local dealership.

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7. How long does it take to get an auto loan?

Once you have submitted an application, we match you with a lender or car dealerships that accept bankruptcies in your area that will contact you within 24 - 72 hours to discuss the specifics of your application.

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8. What should I expect while getting an auto loan?

Once you are matched with a lender or car dealerships that accept bankruptcies, they will call you to set up a meeting regarding your loan. Your preparation for this meeting is essential in accelerating the loan approval process. We recommend having the following prepared prior to your appointment:

Financial Items:

• Credit Report lookup – Get a credit report on yourself
• Reference Checks – Organize a list of your references with the name, phone number, and address of each person
• Co Applicant Requests – Have the contact information available for a co-applicant, should one be required.
  
  Other items to prepare:

• Trade Ins – If you are planning to trade in your vehicle, make sure that it is clean and in good running condition.
• Realistic Monthly Payments– Make sure that you are deciding on a financial payment plan that is manageable for your income. Use our Car Loan Calculator to find a payment that you can afford.
  

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