I recently had the opportunity to speak with a customer who just completed a Chapter 7 bankruptcy. My client agreed to help with my research regarding automobile financing since he himself was in the process of shopping for an auto loan. The value here is that he is just out of bankruptcy, which allows me to present to you an actual scenario rather than a hypothetical situation. It is also relevant in light of all the new financing guidelines that are prevalent due to the current recession and its affect on financing. Over the next two issues my goal is to help you understand what you need to know and do to finance a car right after bankruptcy. Following is an outline of what we will cover over the next two issues: Financing: Who is actually doing the loan? What is the finance company looking for? How to be prepared before visiting the dealership. What local dealerships in the DFW area will help you. The very first step once your bankruptcy has been discharged, is to obtain … [Read more...]